If I owned all the oil companies in the world right now, I’d be watching the equipment rust from my deck chair in the Bahamas;
Shell Oil Company has announced it must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska. The decision comes following a ruling by the EPA’s Environmental Appeals Board to withhold critical air permits. The move has angered some in Congress and triggered a flurry of legislation aimed at stripping the EPA of its oil drilling oversight.
Shell has spent five years and nearly $4 billion dollars on plans to explore for oil in the Beaufort and Chukchi Seas. The leases alone cost $2.2 billion.
Related “change”.
h/t Kevin
I’m sure the government will have no problem refunding with interest the monies paid for the lease…
Strange that one hand of the government is out tendering these leases while the other is making them worthless, all the while fooling the companies to keep playing ball.
And that’s what we’re looking at with the possibility of a socialist coalition government. It makes a fellow almost vomit.
I would say sue the Feds for the billions spent to buy the lease, but what’s the point? The fascist in the White House would just ignore it anyways.
What’s next on the fanatics ‘off limits’ list – no fracking fracking? As over at de Smog blog.
Wait ..
http://www.youtube.com/watch?v=F4aOMKhkhSc
Meanwhile, in unrelated news, the IMF estimates that China will have the world’s largest economy by 2016. But Chinese greenhouse gas emissions will be off the charts, so I guess we have nothing to worry about.
Look at the bright side. The drilling will eventually happen, just not on the Obamster’s rapidly concluding watch. Meanwhile, we have plenty of oil right here in the great white north at a competitive price.
There’s truth in what you say there. We’re reaping the accidental benefits of socialism right now in Saskatchewan.
Sask – the Saudi Arabia of Canada!
http://nextbigfuture.com/2008/01/bakken-and-torquay-formations-saudi.html
Max, I would like to believe that Obama’s reign will end soon, but I am not optimistic. The American people are addicted to entitlements, and Obama has positioned himself as the defender of the status quo. In the short run, that’s smart politics on his part, and I think he will win in 2012. Eventually, my countrymen will wake up, but not before the country has been ruined.
If it where up to Obama we would all be in grass huts except him & his buddies. Watch for brown outs all over the US in the future as the RPA is entrenched into American lives.
JMO
I suggest they drill some 200 miles further east.
Obama said he wanted to raise the domestic prices for energy.
Looks like he’s doing exactly what he said he would.
“Canadian Oil Bottleneck Means Cheaper Gas For Some”
http://www.npr.org/2011/03/30/134951636/canadian-oil-bottleneck-means-cheaper-gas-for-some
It seems to be a refinery issue in that they cant get our oil to the coasts. It’s therefor cheaper to import oil via tanker from the mid-east.
Its nuts!
ron in kelowna ∴ at April 26, 2011 5:42 PM that video was hilarious! Thanks for the ‘fracking’ clarification.
You are absolutely right, Fred @ 6:33 – Sarah Palin and talk show hosts exposed Obama before the American people elected him. Eyes wide shut!! The Republicans helped the 0 by electing a progressive like McCain to run against the 0. I believe in the great nation of USA and I believe in the great Idea the great nation was founded upon: the 1212 election will be different, I pray.
850 billion for shovel ready jobs. That worked out well.
2.3 billion for a refinery in Colombia.
1.8 billion for windmills in China.
3.0 billion for ACORN.
Bit of a pattern here.
http://www.cbs7kosa.com/news/details.asp?ID=25099
Congressman Conaway: Lizard “Listing” a Threat to West Tx Oil and Gas Industry 4/25/11
Strange, the point about driving the price of oil up by starting an unnecessary war to bolster French energy security isn’t mentioned.
Get our pilots home NOW!
The current US executive are opposed to America; they are all socialists – do not challenge me on that, it is a fact – and socialists HATE America.
Name one thing this Administration has done to help the USA?
Bear, the US brought their pilots home a couple of weeks ago. Perhaps a cowardly act by a charlatain president he didn’t want publicised by his arse-licking compliant media.
The greens want everyone to freeze and starve to death in the dark. Hey, even tools are against nature…. even that stone axe
The oil companies should simply start rationing supplies of gas and oil and see who caves first.
The dems will not shift the debate away from gas because it is a daily purchase … it is ever present .. it doesn’t go away until you don’t have a motor vehicle to drive. I think that is what Obama would like to see.
emissions from an ice breaker ?
http://wattsupwiththat.com/2011/04/26/epa-abuses-the-permit-process-for-an-icebreaker/
The loonies are running amok.
America is so f*c#ed as long as Barry is allowed to play POTUS.
By November 2012, America will enjoy double digit inflation with higher interest rates or triple digit inflation with no significantly higher rates, double digit unemployment, and $10.00 Gas at the pumps. Obama’s Carter moment will be fulfilled if he follows his masters and screws Israel this Summer. The Republicans should be able to run a German Shepherd (with a birth certificate) against him and win.
Obama is not in control. He’s stood back and letting the useful idiots in his administration run amok. He’ll keep mouthing platitudes to the masses until he’s re-elected. The masses love snake oil salesman’s.
Not necessarily, Peter. High gas prices will destroy the current POTUS even if real estate values weren’t tanking. The attraction to snake oil salesmen only holds true when times are good. Right now they are not good and getting worse. And the government of the day is always blamed for it. As George Bush Sr. could testify.
That area has HUGE oil potential.
The EPA will be largely dismembered after November 2012. Obama and the dems are going to be subjected to an epic defeat if gas prices are north of five (maybe even 6!) bucks.
John Chit
I’m not sure I agree with your 2012 prognostication. I think BO will likely win his election but the GOP will win the Senate and maintain the House.
That said, I do believe that the price of gas at the pump will do the most harm to BO’s reelection chances. Unemployment and inflation are difficult concepts to grasp for many Dem voters; but everyone understands the price of gas. It can be easily demonstrated that BO desires even higher prices on gas in addition to the currently high prices. Hopefully the media inept GOP can find some way to articulate clearly to Americans that BO has hampered the relief of the domestic oil supply. If the GOP can somehow manage to do that; then we must just hope that someone in America is listening.
I sure hope you are right John, but history shows otherwise.
Perhaps we should all be hoping for high gas prices then?
Homez, speaking as one who was watching Obama supporters talk about their man last week, no way in hell is he winning the next election. I very much doubt he will win the DemocRat nomination.
He might -steal- it of course…