Offshore Energy within the U.S. A brief evaluation
The Great Lakes and ocean (more specifically, North Atlantic region of the ocean) are very interesting elements for offshore energy and development of such operations. The fact that these locations fall within common pool resources and are held in a public trust brings forth some interesting issues for the energy producing company before production even begins, and becomes even more of an issue as the development and deployment phases role out. Some of the many issues that would impact the company’s decision (based on the demographic of the location) includes employment and what influence the company will have on the development of the locations local economy, transportation routes: will the project location impact present maritime transportation routes and if so, how can this be mitigated, as we as the environmental element, which revolves around how the company interacts with the environment around it.
These issues by themselves would have a great influence on the viability of whether an energy company can activate the development of the location. However, due to the fact that these locations fall under common pool resources and are governed by multiple governance bodies (under the protocols of the common property systems), the issues becomes magnified as the company will have to address the issues in accordance with the governing bodies rules and regulations (these standards differ from one governance body to another, making it more of a challenge). Moreover, the public trust doctrine places the needs of the people (which may include access through the project location, or place greater importance on present industries such as fishing) over the needs of the developing company. The reason behind this comes from the fact that the common pool resources and public trust doctrine place a cap on the exploitation of a resource in any given area. In response, the developing energy company will need to abide by the standards designed by the governance bodies of each location.