New+Zealand+may+have+just+killed+its+oil+industry

[|New Zealand may have just killed its oil industry] CNN Money accessed 4/12/18 __**Summary:**__ New Zealand has just banned all offshore drilling to prevent further climate change but many do not like this decision. CEO of the Petroleum Exploration and Production Association of New Zealand said "The decision is a lose-lose for New Zealand's economy and environment, likely to threaten jobs and mean higher prices for consumers," the main concern of these people is the loss of jobs since 11,000 people are employed by the oil industry in New Zealand which is a large part of their population. The government said that there will not be much loss if the oil industry switch to renewable energy. Whether this change is for the better or not it is said best by Angus Rodger, a research director at consultancy Wood Mackenzie, calling the change a “bold step”. There is some cushion to the oil industry's though to alway the change since the prime minister made it clear they would be honoring all existing permits.

__**Relevance to Course:**__ Recently we have been learning a lot about renewable versus nonrenewable resources and how it affects no only the environment but also the economy. This is a good story to follow in relation to our course because it has taking a lot of theories about how renewable energy will not cause damage to the economy and is testing to see if it is true and if a county can do something like this without suffering major economic crashes. We can see the policies that are being proposed and the side effects of the changes in real time proving concepts that we are currently studying. Also a lot of the arguments they are using for both sides we have learned about in the class.

__**Opinion:**__ I think this change is a huge leap forward because the main reason people haven't bought into renewable resources yet is because of the economics of it so this give a chance for New Zealand to be a role model and prove that renewable energy sources work just as well and can provided an economic and heath boost to their country. If there plan works there should be no reason for other countries not to follow suit because there will be undeniable evidence showing its success.

__**Law:**__ This whole article is about a law New Zealand's passing to ban all offshore drilling. The law will honor existing permits but will not renew or give out anymore. The focus of this law is to meet the goal of relying 100% on renewable resources by 2035 in an effort to prevent climate change. This new restriction will hopefully improve pollution and health problems related to pollution caused by burning fossil fuels.