Monday, January 10, 2011

Opportunity cost of more Gulf drilling

Our first class discussion covered the fundamentals of economics including scarcity, opportunity costs and factors of production. Garrett from Group 2 applied these concepts to a USA today article about the Gulf Oil spill. Below is a preview but please visit his post and read the rest of his analysis.

Studies show that deep sea bacteria completely devoured all the gases released from the Gulf oil spill. In USA Today people such as David Valentine of the University of California says that they "expected the methane to persist longer."

If these studies are true is it worth possibly having another Gulf oil spill? Is it worth endangering another ecosystem as well as other states that are dependent on Gulf of Mexico?

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