Obama pulls plug on new Arctic oil drilling

October 17, 2015 3:11 AM

44 0

The Obama administration on Friday pulled the plug on plans to sell new oil and gas drilling rights in the Arctic waters, a pivot away from energy development in the environmentally sensitive region after Shell's costly failure to find crude there.

Interior's move to cancel the sales marked an acknowledgment of the dismal economic reality facing aspiring Arctic drillers, who had shown little interest in the potential lease sales amid a global downturn in oil prices. But it also gave greens the chance to take a fresh victory lap for their succe...

Read more

To category page