- The Obama administration today closed off two avenues for new oil drilling in the Arctic Ocean, weeks after Royal Dutch Shell said it was abandoning the area.
- The Interior Department said it was canceling scheduled auctions of drilling rights in the Chukchi and Beaufort seas, citing low industry interest, and it formally rejected bids by Shell and Statoil for more time to search for crude under their existing Arctic leases.
- The decision to deny lease suspension requests from Shell and Statoil mirrors a similar rejection of a ConocoPhillips request for more time on its own Arctic leases; COP has challenged the decision before an Interior Department appeals board, and settlement talks are underway.
Friday, October 16, 2015
With The Glut Of Oil -- Does It Really Matter? But Setting Us Up For $200 ...... October 16, 2015
From Seeking Alpha:
Posted by Bruce Oksol at 5:19 PM