According to a May 26 report from the Associate Press, likely changes for the offshore oil and gas industry following the massive spill in the Gulf of Mexico include making permitting, inspections and equipment requirements for rigs more stringent. Lawmakers want to extract more money from the industry to help pay for any future cleanups. And insurers are bound to raise rates for underwriting this risky business. What won't change includes expanding pursuit of oil and natural gas deposits under the ocean floor. Global offshore oil output has tripled over the past decade — and it is forecast to double in the next five years. The reason is simple: the best prospects lie beneath the ocean floor.
(Source: Associate Press)