Oil companies expand offshore drilling

Vito, Shell's new multimillion dollar offshore platform. Photography courtesy Shell International

Oil companies such as Shell are betting that the world will need oil and gas for decades to come, reports the New York Times. To serve that demand, they are expanding offshore oil and gas drilling into deeper and deeper waters, especially here in the Gulf of Mexico.

Offshore production, oil executives argue, is not only crucial to power cars, trucks and power plants but also better for the planet than drilling on land. That’s because such operations emit far less of the greenhouse gases that are warming the planet than producing the same amount of oil and gas on land, according to industry estimates. Read more.