Once the wells have been drilled from these platforms, the production equipment is lowered to the ocean floor and sealed to the well casings to prevent leakage. Wells have been drilled in 10,000 feet of water using these floating rigs. Then there is petroleum for running factories or manufacturing goods. That's why the price of oil is so important. Low oil prices are good for the consumer and the economy.
Low prices act as a check on inflation.
The oil industry, however, does not prosper during periods of low oil prices. Oil industry workers lose their jobs, many small wells are permanently sealed, and the exploration for new oil sources drops off. Low oil prices have another side effect. People use more petroleum products when crude oil is cheap. We buy bigger cars and drive more miles.