The economy aspect of oil exploration and development obviously has major benefits, but we can not over look the disadvantages. With a new industry in the east coast, more revenue is generated from this, creating a stronger region than it was before. With this new revenue, surrounding towns and communities are able to use this money for the development of other industries and also to improve the standard of living of the people in the region. The Hibernia Oil field "contains approximately three billion barrels of oil in-place and recoverable reserves are estimated to be at around 615 million bbl" (The Website for the Offshore Oil & Gas Industry). In just one minute Hibernia oil rig is capable of drilling 110 barrels of oil, in 24 hours this accumulates to more than $3 million dollars. With this much money being generated by one oil rig, imagine the possibilities for the entire field. This much profit for a financially struggling and desperate region is a lot to ignore. Although the immediate benefits are overwhelming, the future disadvantages can be potentially devastating. Unlike the fishing industry, oil exploration is larger and generates more income. If the region become extremely successful and wealthy from these oil rigs, what will happen to the economy when the fields run out of oil. The impact from this decrease will be far more devastating than that of the fishing industry decrease. Especially considering they will put all there time into this industry when the Hibernia oil field "life is expected to be 20 years" (The Hibernia Reservoir) Before the east coast makes any major discussions concerning this, they have to be aware of the future damages to their economy.
             Like many things, the immediate benefits of oil exploration can outweigh to long term affects. The exploration and development of oil rigs is a big risk to take for a struggling region. They will be putting a lot on the line if they decide to...