Why Shell Lost The Arctic
By Hannah McKinnon in Price of Oil - Royal Dutch Shell announced this morning that it would be abandoning its exploration program in the U.S. offshore Arctic for the “foreseeable future” (see our response here). After more than 7 billion dollars and many seasons of almost unbelievable mishaps – Shell made the call along with an announcement that this season’s efforts had failed to turn up any worthwhile find.
This is a huge win for the climate. We know that Arctic oil is incompatible with a safe global climate. Big oil’s high cost, high risk hunt for unburnable carbon at the ends of the earth was indicative of just how far the industry is willing to go to cling to last century’s dirty energy.
So what went right for those opposing Shell’s arctic drilling? Shell has many drilling seasons under its belt where it did not uncover any huge Arctic reserves, but for some reason this time, enough was enough and the company is calling it quits.