“Royal Dutch Shell has been on a six-year crusade to drill in Arctic waters off Alaska’s coast, and has spent about $4 billion on the effort so far without drilling a single well. But the company took one more bureaucratic baby step forward this week toward drilling in the Chukchi Sea later this year. An appeals board of the Environmental Protection Agency on Thursday rejected four challenges brought by Alaska Native entities and environmental groups like Earthjustice to block Clean Air Act permits covering airborne emissions from industrial operations.”
—Shell’s Arctic Drilling Plan Clears Hurdle - NYTimes.com
So Shell has spent $4 billion so far with ZERO return on investment? Once again, if this doesn’t indicate the serious problems we have with oil, as in peak oil, I don’t know what does.
Shell's Chukchi Sea lease reaffirmed -- Houston Chronicle
washingtonpost.comThe administration says it will honor a December 2008 lease sale that the Bush administration held for oil exploration in 2.8 million acres of the Chukchi Sea off the northwest coast of Alaska.
