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Environmental Economics - Essay Example

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Name Tutor Course College Date Environmental Economics An environmental standard is a policy with guidelines that gives regulations on how human activities should affect the environment. These standards have a certain state e.g. one can say that the amount of water in a certain lake should not have a PH value of less than 8…
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Environmental Economics
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Environmental Economics

Download file to see previous pages... The principle of efficiency states that it is almost impossible to make someone happy without causing another person to be unhappy. This means that it is hard to achieve a situation where there is no drilling and at the same time there is no effect on the economy of the country. If the drilling process is continued then pollution will increase a lot but at the same time there will be an improvement in the economy of the state. This means that a way should be sought so as to balance the benefits and the cost so that one side does not exceed the other. This is done by having the efficiency standards. The efficiency standards for the drilling process are that a certain amount of drilling should not be exceeded. This controls the way that the drilling companies drill and the extent at which they can go. The safety standards that are in place is that no one is expected to go into the drilling sites without proper clothing that prevent them from being hurt. The drilling companies are not allowed to dig past some depth, in order to avoid a situation where the walls of the drilling sites collapse and kill people. The number of people that work in the drilling site must also be known and they have to be checked every month for any abnormalities. Hospitals and doctors are also expected to be near this site so that incase there is any medical emergency one can be rushed to the hospital (Goodstein 54) Measuring the cost of environmental protection This is the measure of how costly it is to the government and all other stakeholders when the negative impact of drilling is seen. There are lots of negative effects that cost the government when it comes to hydrofracking. This includes the engineering costs as well as the cost such as treating the people who are affected negatively by the drilling process. The engineering cost are the total cost of coming up with the plant which include building and equipping the plant over a lifetime. This is the main cost of the drilling process as it entails a lot of equipment, a lot of skilled and unskilled labour so that the plant can run. These costs also include the pollution control costs; these are the costs that are to be met in order to prevent any pollution from occurring. The table below shows how the cost of engineering has been estimated since the 1990 to date and how it is related. Type of pollutant 1972 1980 1990 200 Air $12.9 $28.8 $45.1 $71.5 Water $15 $30 $55 $93 Land $10 $18 $43 $61 Chemicals $0.1 $1 $1.5 $2 other $1 $1 $1.7 $2.7 total $78 $150 $260 $360 According to this report the government spends a lot of cash in trying to avoid pollution that is caused by drilling than the amount that it gets from some of its investments. The negative effects that are associated with drilling include the costs of treating those that are affected by the radiations and other effects of the drilling process. The issues are cancer related, and also include diseases and those deaths that come as a result of drilling. It is estimated that the government spent a total of $467 B in the treatment of those that were affected by the drilling process. This means that it is costing the government a lot of money to treat and to try and cover for the effect that comes with the influence of the drilling process. Measuring benefits that come with the drilling process include the income that it brings to the government. The drilling proces ...Download file to see next pagesRead More
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