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Shell Gives Up On Arctic Drilling

OIL PRICES, GOVERNMENT REGULATION, ENVIRONMENTAL PROTESTS DOOM EFFORT || By FITSNEWS || After spending a whopping $7 billion – including $2 billion on government leases seven years ago – oil giant Royal Dutch Shell announced this week its intention to suspend Arctic drilling operations “for the foreseeable future.” According to the…

OIL PRICES, GOVERNMENT REGULATION, ENVIRONMENTAL PROTESTS DOOM EFFORT

|| By FITSNEWS || After spending a whopping $7 billion – including $2 billion on government leases seven years ago – oil giant Royal Dutch Shell announced this week its intention to suspend Arctic drilling operations “for the foreseeable future.”

According to the company, it found “indications of oil and gas” at one of its Arctic wells but concluded “these are not sufficient to warrant further exploration.”

Also contributing to the company’s decision? The “unpredictable federal regulatory environment in offshore Alaska” – including regulations which impose an arbitrary “drilling season” of only a few months each year.

All that leads to big costs – which simply aren’t worth it when oil is selling at less than $50 a barrel.

“The campaign was riddled with mishaps, equipment failures, permit violations, and stiff opposition from environmental groups, including the blockading of their icebreaker in a port in Portland, Oregon this past summer,” Nick Cunningham of the website OilPrice.com noted.

A separate report in FT indicated Shell executives were stung by the fallout from the protests.

Several other companies are reportedly eyeing energy exploration projects in the Arctic, but absent a dramatic increase in oil prices and a relaxation of government regulations – none are likely to proceed.

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41 comments

Thanks Obama! September 29, 2015 at 3:54 pm

Great news. Oil’s so cheap, it’s not financially prudent to mess up another major body of water.
Weren’t supposed to be put of oil here soon anyways? ;-)

Reply
Don't be a hypocrite September 29, 2015 at 4:18 pm

Obama a has come NOWHERE near as low as gas was under the Bush Administration…

So are you giving Bush credit for way lower gas prices than Obama…And gas was way cheaper almost all of Bush’s EIGHT years…

Gas has just been a little lower under Obama for 2 or 3 months…

Bush was blasted for a bad economy…yet it was ROBUST with jobs, lower taxes and opportunity compared to the malaise and misery that we have been under since Nov. 2008.

Reply
Greenville Greg September 29, 2015 at 4:28 pm

I remember paying $4.15 a gallon in the Upstate in 2008. Bush was the worst. He gave all his oil buddies a greasy reach around.

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vicupstate September 29, 2015 at 4:38 pm

Yep! When the economy tanked, gas prices fell while Bush was in his last days. For the most part, they were just as high or higher than under Obama, particularly if you factor in inflation.

The highest prices ever paid were under W as well.

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You a FUCKING Liar September 29, 2015 at 4:42 pm

Gas per Gallon was MUCH lower on average for ALL of Bush’s EIGHT years., It spike late in 2008, when the Democrat Congress said they would not drill.

You may lie over at the Coffee House drinking your latte, wearing your Guy-panties for your dick-sucker boys, on the effeminate side…..But get that shit out of here…you filthy lying piece of liberal shit…

Greenville Greg September 29, 2015 at 5:02 pm

Sir, I must say your response is rather grotesque and unwarrented. The combination of foul language, references to feces and gay sex are inappropriate to say the least. Up here in the Upstate our Christian values prevent us from having such outbursts. I will pray for you tonight at Bible study, and I suggest, you find a nice friendly congregation where you can find solice and peace.

Rakkasan September 30, 2015 at 6:49 am

But they don’t prevent you from teaching your children and others to use the Bible for cover for your bigotry and hate. Please share with us what you thought of the Pope statements last week

Sarah Failin September 29, 2015 at 10:44 pm

Shit Big T, even I can admit gas is cheaper now.

CSA September 30, 2015 at 3:48 pm

During Bush gas prices started low and climbed through his entire presidency. Under Obama they started very high and have bounced around but are trending down as a whole.

http://zfacts.com/gas-price-history-graph

Dangerous Liberal IGNORANCE September 29, 2015 at 4:39 pm

What was the price the day Obama took office? What was the AVERAGE gas price for all of Bush’s EIGHT Years. And the AVERAGE for Obama’s 7 years so far..

You greasy lying piece of liberal dogshit…

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Greenville Greg September 29, 2015 at 4:59 pm

I don’t care. I buy gas today, not 10 years ago.

Limbaughsaphatkhunt September 29, 2015 at 10:10 pm

An “oily trombone”

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Thanks Obama! September 29, 2015 at 4:28 pm

Calm yourself, retard.
Revising history is way above your pay grade.
Gas was even lower during Clinton’s two terms. So, thanks democrat presidents for bringing more prosperity to our country.

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Facts from a casual observer September 29, 2015 at 4:52 pm

I have read this exchange. And the poster who said Obama’s prices have been significantly higher, on average is correct.

Prices under Bush were anywhere from $1.25-to-$1.70 per gallon. There was a spike late in Bush’s second term, but he released reserves, and prices dropped quickly.

They have been consistently high, to the point of being exorbitant under Obama.
And it’s been even more damaging because job numbers and salaries are much lower under Obama than they were under Bush, while taxes have been higher under Obama.

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Rocky Verdad September 29, 2015 at 5:10 pm

Actually that is not correct. Gas prices in 2005, 2006 and 2007 were significantly higher than prior years. For example, at the end of 2005 a gallon of regular gas was averaging $2.30. In April of 2006 it was $2.94. A year later, in April of 2007 it was $2.87 a gallon. In April 2008 it was well above $3.25 a gallon and then spiked that summer to over $4. So higher prices were around for three of the four final years of President Bush’s tenure. Therefore, I find your statement – “There was a spike late in Bush’s second term, but he released reserves, and prices dropped quickly” to be an utter fabrication and complete bull shit. I rate this a full 10 Pants full of Shit and On Fire. Oh, and it’s obvious you’re Tango.

John Boy September 29, 2015 at 6:31 pm

Seems “causal observer” needs to look harder?

tomstickler September 29, 2015 at 8:31 pm

The only valid comparison is inflation-adjusted prices. Anything else is arguing oranges and tangerines.

http://inflationdata.com/articles/wp-content/uploads/2015/02/Inflation-Adjusted-Gasoline-Jan-2015.jpg

A Casual Observer September 29, 2015 at 10:03 pm

Your numbers are totally fabricated. Not sure if it’s ignorance on your part, or dishonesty. But anyone over the age of 30 likely knows you are completely incorrect.

It’s almost of if you have brain damage, or you are a delusional person. No one in their right mind would make such claims that as so easy to check.

Sarah Failin September 29, 2015 at 10:49 pm

OK. Enlighten us…..

nitrat September 30, 2015 at 8:37 am

What a lie.
But, that’s how you fuckers operate, ain’t it?

he said it! September 29, 2015 at 6:55 pm

Search Results
Obama Says Low Gas Prices from a Bad Economy – YouTube
? 3:38
http://www.youtube.com/watch?v=MOU9Ri6yMNg
Oct 18, 2012 – Uploaded by Bibliophile AtticObama Says Low Gas Prices from a Bad Economy …. Higher oil and gas prices mean the economy is stronger because demand for trade and …

Reply
Rocky Verdad September 29, 2015 at 4:03 pm

Drill baby, dri……. at this time we find it not feasible finanaically to continue with our efforts. We realize that Sarah Palin, Sean Hannity, some guy in Ohio called Flip and another in SC called, what is it – Grande Tanger or something – will be upset. But none of them have ever had to report back to shareholders or had the responsibility of ensuring the financial viability of a company of the security of employees, so we really don’t give a crap. We’re gonna head back to drilling off Mexico.

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Doctor Psychology September 29, 2015 at 4:09 pm

Your mental health is in more serious question than ever before.

Reply
Flip Sucks September 30, 2015 at 9:15 am

Man you try to copy everyone else at insults and do a terrible job. You’re suck a fucking loser.

Reply
Edna Canter September 30, 2015 at 10:51 am

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Reply
Taking the country backward September 29, 2015 at 4:10 pm

Better go buy a windmill. Obama fin’ta outlaw any energy source that actually works…

He’s putting coal outta biz, regulating and fining nuclear into bankruptcy and bout to make oil illegal…

He’s – ass-backward- setting this country back to the Civil War…where er’body is a gov’t slave…

Reply
Rakkasan September 30, 2015 at 6:45 am

Yup. He’s gonna do that all by himself. You sure give him a lot of power. Surprising. And here I thought you didn’t like him. Who knew you were here to build him up?

Reply
Sandi Moraless September 29, 2015 at 4:15 pm

Gas is so cheap now under Obama I use hi-test.

Reply
Rocky Still Sux September 29, 2015 at 4:18 pm

Oil bottomed below 40 the other week. Currently at this hour, 47.34 for Brent. Expect attempts to push it higher around the winter months.

Reply
Sandi Moraless September 29, 2015 at 4:26 pm

I know. I hate it when Rocky is right, and it’s like nearly all the time. I need a new avatar. Maybe Fetus Grinder.

Reply
Flip Costco September 30, 2015 at 9:26 am

God I’m such a loser. I can’t touch Rocky, I can’t outsmart mamatiger, I can’t win against tomstickler, I just get beat every second of the day. Maybe I should get a job, I can’t suck at working for a living as bad as I suck at trolling this site.

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Quietus September 29, 2015 at 4:22 pm

It’s expensive to drill off shore and doubly so in Arctic waters so this is understandable being that all this was planned orginally when oil was $100/bbl or higher(WTI: 45.15 at this moment with $51.00 predicted for 1 year from now).

Though the statement: “unpredictable federal regulatory environment in offshore Alaska” – including regulations which impose an arbitrary “drilling season” of only a few months each year.” is concerning. I wonder if they would be willing to risk more if it weren’t for an overabundance of unnecessary regulation, and fear that the the bureaucracy will just jerk the rug out from under them at any moment for no reason.

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Victorious Secret September 29, 2015 at 4:44 pm

Wow….who would have thought that it might be really expensive and risky to implement the complex and necessary logistics of transporting all of the required drilling equipment, employees, and sustainment supplies to the arctic?

And assuming that was “cheap,” how about the costs associated with responsibly transporting the oil all the way across the globe to existing refineries?

I think we are making this more of a story than it actually warrants. Sure, the government certainly created some requirements. However, the government didn’t really create all of the applicable restraints here, mother nature did, for the most part.

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British Petroleum September 30, 2015 at 9:18 am

Wait, who said anything about responsibly doing anything?

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Todd September 29, 2015 at 6:00 pm

The Saudi Royals: Heroes of the Environmental Movement. Hahahahahaha ….

This is all just evidence that environmentalism is really just poorly disguised NIMBY politics.

Reply
Limbaughsaphatkhunt September 29, 2015 at 10:01 pm

Yes!!!!! Finally a good news story on this site

Reply
When welfare stops, what then? September 29, 2015 at 10:06 pm

Wait’ll you get your heating bill. When most of your Welfare Check goes for power, and you cannot get a bag of weed, or another rock, I doubt you’ll be jerking off.

Reply
Limbaughsaphatkhunt September 29, 2015 at 10:07 pm

Captain Hazelwood…is that you?

Reply
Rakkasan September 30, 2015 at 6:44 am

When his welfare check..? Well, what program do you suspect he is qualified for? Never mind, dumbass. All you know is party line drivel and lies

Reply
GrandTango September 30, 2015 at 9:24 am

I’ll have you know I’m an expert at the welfare system, seeing as how I’m on it.

Reply
How Dumb Is You, Clown? September 30, 2015 at 9:23 am

This would not have significantly affected heating bills you idiot. We are not hurting for natural gas.

Reply

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