Arguing with economics. The cost of a getting a barrel of oil out of the ground has gotten more expensive. Drilling through the ocean floor costs more because of the rent on the drilling rig, the extra and more expensive labor, the time and materials it takes, and the cost of greater risk. Fracking is more expensive than drilling into a shallow well and sucking up sweet crude. So, why do they do it?
Because the world supply of petroleum is slowly getting smaller, and the average price is rising. As it rises, more expensive methods of getting oil become affordable.
Then there is the externality business. The fossil fuel industry has made itself very profitable by externalizing everything from pollution from drilling, shipping, refining, to using the product -- whether it be coal, oil, or gas.
Why do regulators let them get away with it? Because the economic might of the fossil energy industries is huge, and we are all dependent on a steady supply. Most governments are simply unwilling to take on the energy business in a frontal assault.
In order to understand how this works, the average citizen has to pay some sustained attention to the news, and do a little background reading. The popular mass news media do not, by and large, present a lot of information about all this. They do talk about the price of gasoline going up and down, but they don't really explain much. PBS does, but their programs tend to be an hour long (or maybe 90 minutes) which is a long time to pay attention. There are a few magazines that often do a good job of explaining this in ordinary language, but one has to go look for such magazines
Another factor is that most people (more or less correctly) do not see what difference they can make in the whole problem. A lot of people have almost no choice but to continue using energy (cars, gasoline, oil products, natural gas, electricity generated from coal, etc.) the way they always have. I can do without a car because I can't drive anyway and located myself where there is pretty good mass transit. I also use a bicycle. Millions and millions of people can't choose what I did because they don't live near mass transit, and they can't afford to move, and even if they did, it's tough raising children and doing all the things a family wants to do without a car, plus getting to work, getting to the day care center with young children, etc. etc. etc.
Still, things are changing.
Some states are on schedule to eventually achieve their long term goals of supplying their citizens with renewable energy. States like Minnesota have no coal, no oil, and no hydro electric resources worth mentioning. We do, however, have wind and sun. Wind generation is turning out to be a much better bet than solar for large scale electrical supply.
Unfortunately, a lot of the oil we use in the northern tier of states (and we use as much per capita as any body else does) comes from one of the dirtiest of all petroleum sources -- the oil sands of Alberta.
I don't know what will happen. I do know that Nature bats last, and we may end up being totally screwed.