Oil Project

This article is about new changes in oil production. After the big oil spill in 2010, many more rules have been set in place to help prevent any more damage to the environment. The United States approved a Royal Dutch Shell plan to drill for oil in five locations under the Gulf of Mexico. As we all know, gas prices have been rising. With the recent great recession, people are very cautious with how much they use their cars. I think this new oil plan will help the economy. It may not help the environment, but if more oil is pumped, there is more oil to sell, if there is more oil to sell, the prices will start decreasing and the demand will go up. Price, as a factor of demand, should be in a range that people find affordable. Consumers need to spend money to help raise the GDP. The law of demand tells us that when prices are too high, the demand goes down. This plan shows the government kicking in. A lot of money is being put into create these oil wells, and that is exactly what our economy needs. We need a constant flow of buying and selling to bring our economy back to health. I think this is the perfect project to help bring our economy back to life. The trade-off to drilling more oil and bring down prices is that if too much oil is pumped out and sold at low prices it could hurt the environment and eventually lead to more problems.

Elianah- lead author

Haley- lead researcher

Iram- secretary