The Current Regulations On Offshore Oil Drilling

1456 WordsApr 20, 20166 Pages
The current regulations on offshore oil drilling are too restrictive and do not effectively allow the use of our free market. For the free market to work as intended, it must be unregulated. Adam smith, who is widely considered the father of capitalism once stated “He, generally, indeed, neither intends to promote the public interests, nor knows how much he is promoting it. By directing that industry in such a manner as its produce maybe of greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for society that it was no part of it. By pursuing his own interest he frequently promotes that of the society mor effectually than he really intends to promote it.” (Library of Economics np) By this, Smith intended that whatever is best for the individual is usually best for the nation and economy as a whole. As the philosopher behind the advent of free-market principles that this country was founded upon, he is the foremost expert on the subject; therefore, his teachings are still very relevant today. As Adam Smith intended of the free market economy he designed, the United States must begin to implement like policies in regards to all industries. However, the most vital of these industries that must be liberated for the benefit of our country. Oil industries, in particular, throughout recent years have been victims of harsh rules

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