DescentBB

....about Obama permitting Shell to explore in the Arctic region? I sure heard a loud outcry. Maybe, just maybe, somebody in the advisory staff knew this might result:

http://www.bbc.com/news/business-34377434

I would suspect anyone with a brain knew this might result.

In this situation, there is nothing strange. The interests of big business in the U.S. is in obvious conflict with the political ambitions of the White House. After the application of economic sanctions the US and the EU and the artificial reduction of market price of oil against Russia under the false pretext, as a result suffers not only the European Union but also the United States. The result is too emotional and ill-conceived U.S. foreign policy has been the sharp increase of import of Russian oil to the largest oil refineries in Delaware, New Jersey and Pennsylvania, as now it became more profitable to import Russian oil to Hawaii, Florida and the Mexican coast, given the relatively low cost of Maritime transport of oil, compared to rail transport, for example, from shale deposits in North Dakota. Not to mention even the cost of transporting oil from the Arctic. In other words, the United States has once again stepped on a rake and fell into the pit which they dug for others.

As the third panel says:

http://archives.erfworld.com/Book%201/121

"We try things. Occasionally they even work."

I'm pretty sure everyone (relevant) knew there was a possibility that they wouldn't get adequate yield to justify the project. Meh. They'll explore a dozen other places, and some of them will work out.

I'm not sure how this is a vindication of the Obama Administration, or how the concerns of "some on the left" have been proven wrong by this news. From the knowledge I've gained being plugged into the great leftist hive mind, those concerns were the potential calamity of extracting and shipping oil from such a dangerous region, and the carbon dioxide emissions of actually burning the projected amount of oil.

Vander wrote:I'm not sure how this is a vindication of the Obama Administration, or how the concerns of "some on the left" have been proven wrong by this news. From the knowledge I've gained being plugged into the great leftist hive mind, those concerns were the potential calamity of extracting and shipping oil from such a dangerous region, and the carbon dioxide emissions of actually burning the projected amount of oil.

yes, but in terms of practical politics, this is an IDEAL outcome(will leave it to history to decide if it was anything past happy accident). After years, decades even, of 'drill baby drill!' and several seasons of political football around the issue, reality settles things, with very little intrusion and even less actual extraction.

I think risk adversity and monetary issues played more in their decision than not hitting anything in such a short time with one measly well. Right now, energy stocks have tanked, oil prices have tanked and the politics are poisonous. There's no money in it at the moment, so why not sit back and wait? They're probably waiting for a more opportune time, like if say a Republican gets elected as president in 2016 and oil prices go through the roof again. Then environmentalists will have to fight it all over again I guessing. Never say never.