Oil prices slide as Obama lets Shell drill in the Arctic
As the giant Shell oil company begins highly controversial and risky exploration drilling in the Arctic, the price of crude continues to slide. Kieran Cooke from Climate News Network reports: 31 August 2015
It’s a gamble — some would say a giant gamble. Before even one litre of oil has been found, the Anglo-Dutch Shell group is believed to have spent more than US$7 billion just making preparations for its latest Arctic venture.
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 per cent of the world’s remaining hydrocarbon resources — including at least 90 billion barrels of oil.
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