Shell’s Exit From Arctic Oil Drilling
LETTER TO THE EDITOR OF THE NEW YORK TIMES
“I am hesitant to pop open the Champagne quite yet…”
To the Editor:
Re “Shell Pulls Plug on Exploration in Alaska Arctic” (front page, Sept. 29):
While the news that Shell has decided to pull out of its controversial Arctic oil exploration effort is cause for celebration for many environmentalists, I am hesitant to pop open the Champagne quite yet.
I find it hard to celebrate knowing that Shell’s withdrawal is the result of an oversaturated oil market fattened on shale oil from the Bakken formation and an OPEC overproduction of 1 million barrels above the cartel’s target output. Shell’s Arctic exit is a business decision in response to low oil prices due to a slowing economy and a glut of supply, both temporary conditions that do nothing to preclude a return to Arctic exploration once these conditions expire.
The TRUTH will set you FREE.
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