Tag: Economy

Creating An Economically Responsible Environment

For the purpose of protecting marine life, Obama administration has stopped drilling in the Arctic and Atlantic Ocean. The announcement came just before the inauguration of the newly elected U.S. President Donald Trump. Canadian Prime Minister Justin Trudeau has said that all the Arctic Ocean waters are under Canadian limits. Therefore, they are off limits for any oil and gas development digging.

Recently, The U.S. government has barred any oil drilling across 3.8 million acres of the East Coast that is under the control of the U.S. Only 2.8 million acres of the Beaufort Sea limits is open to drilling.

The Outer Continental Shelf Land Act of 1953 protects the Atlantic and Arctic oceans from drilling. Donald Trump will be finding it difficult to reverse this decision made by Obama. Because, President elect Donald Trump has said that he will be reversing Obama’s decisions as much as possible. Some of the cabinet ministers in the Trump’s camp have ties with fossil fuels industries.

It must also be noted that Obama and Trudeau made a commitment in march stating that Canada and U.S. will together protect waters so that future fossil fuel leaks are prevented. Also, this commitment prevents any economically irresponsible activity form happening in the Arctic. This act of withdrawing the oil drilling will help in preserving vital ecosystems and act as a refuge resource for species that are at risk to grow. It will also help in saving the fishes and create laboratories for scientists to investigate and explore the possibilities and impact of climate change.

There has been lot of criticism as well because barring drilling in the Arctic areas also jeopardises the national security is what their argument is about. Another reason is that it blocks many jobs and increases the cost of energy for many consumers.

As expected, the environmental groups are extremely pleased with the decision to bar drilling. These protections will be a difficult one to break for the new President elect Donald Trump.

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