Shell is abandoning its controversial Arctic oil exploration indefinitely after finding insufficient indications of oil and gas to justify the high costs of its exploratory drilling well in Alaska’s Chukchi Sea, about 150 miles off the coast of Barrow, Alaska

Environmentalists are celebrating the announcement as a major victory over the Obama administration and the oil industry, although cost issues were most likely the main driver of this decision

The record low price of crude oil has made many unconventional oil drilling uneconomical, from the oil sands of Canada to Arctic oil and gas, since the high costs involved in drilling in these locations require a high price of oil in order to break even. Read more…

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Shell abandons Arctic oil drilling ‘for the foreseeable future’