Psst!! Hey Buddy...wanna buy a lease

[Frostbit]

"Some are calling on Obama to cancel the 2008 lease sale outright. But such a move would require Interior to pay back the record $2.6 billion it collected in that sale and could lead to significant legal push-back from industry."

<snip>

"Royal Dutch Shell PLC announced today it will not drill for oil this summer in the Arctic, citing a federal appeals court decision this month that cast doubt over its leases.

It was another stunning setback for the Anglo-Dutch company that has spent roughly $6 billion over the past eight years hoping to become the first company in decades to tap the U.S. Arctic's estimated 27 billion barrels of oil."

LINK

[Novaheart]

Wouldn't this be a terrific year to start weatherwise?

[Frostbit]

Wouldn't this be a terrific year to start weatherwise?

Probably so!! How would you like to be a company that has invested 6 billion including the lease purchases and then have to decide to scrap the whole idea because of endless regulatory changes and court challenges.

The throughput on the Trans-Alaska Pipeline is below 50% at present and the fields are declining. ANWR is off limits and the Arctic apparently seems to be as well with this last 9th circuit decision. If the throughput drops too low then a means to heat the crude will have to be found or the flow will stop in the dead of winter.

Thousands of jobs are gone thanks to this.

[Adam]

Probably so!! How would you like to be a company that has invested 6 billion including the lease purchases and then have to decide to scrap the whole idea because of endless regulatory changes and court challenges.

The throughput on the Trans-Alaska Pipeline is below 50% at present and the fields are declining. ANWR is off limits and the Arctic apparently seems to be as well with this last 9th circuit decision. If the throughput drops too low then a means to heat the crude will have to be found or the flow will stop in the dead of winter.

Thousands of jobs are gone thanks to this.

A process known as "success" during a SOTU speech.