Arctic Drilling: A Giant Gamble for the Planet and Shell’s Bottom Line
Kieran Cooke, Climate News Network | August 31, 201
Shell is betting on finding the oil industry’s Holy Grail: according to 2008 estimates by the U.S. Geological Survey, the Arctic contains more than 20 percent of the world’s remaining hydrocarbon resources—including at least 90 billion barrels of oil.
If Shell does strike oil in big quantities maybe its gamble will pay off—and its anxious shareholders can look forward to handsome payouts.
But the whole venture is a high-risk business. The decision by the U.S. administration to allow Shell to start drilling in theChukchi Sea, off the coast of Alaska, is highly controversial.
The TRUTH will set you FREE.
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