Wednesday, October 7, 2015

After spending $7 billion Shell quit drilling in the Arctic

Royal Dutch Shell announced it will indefinitely suspend its Arctic drilling off the Alaska coast after finding insufficient oil and gas in one of its exploratory wells to justify costly development.
Low oil prices and environmental restrictions, which Obama administration imposed on Shell, helped push the company to pull up its drill bit. Environmentalist NGO Wilderness Society said the project made no sense given the area’s wildlife, lack of an oil spill response infrastructure and the threat fossil fuel burning poses to the climate.  Read more at