Problem
Lawmakers set to allow speedier Arctic drilling The U.S. government will allow Arctic drilling that would speed the development of oil and gas reserves off the Alaskan coast. Environmentalists say that the area should not be drilled because there is wildlife in the area. Are the oil and gas reserves public goods, private goods, or common resources? When an oil company receives a permit to develop a particular oil reserve, is that oil reserve a public good or a private good? Will the oil company produce an inefficient quantity or the efficient quantity? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.