In February the EPA allowed Shell to appeal a decision on Arctic drilling (they had to appeal to the EPA so guess what happened). At the time Shell all but said they were scrapping plans to drill in the Arctic north of Alaska, but today it became official.

The U. S. Geological Survey estimates there to be 27 billion barrels of oil (I mean, “yesterday’s energy source”) in the US part of the Arctic Ocean.

It will probably remain there for a long time:

Shell Oil Company has announced it must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska. The decision comes following a ruling by the EPA’s Environmental Appeals Board to withhold critical air permits. The move has angered some in Congress and triggered a flurry of legislation aimed at stripping the EPA of its oil drilling oversight.

Shell has spent five years and nearly $4 billion dollars on plans to explore for oil in the Beaufort and Chukchi Seas. The leases alone cost $2.2 billion. Shell Vice President Pete Slaiby says obtaining similar air permits for a drilling operation in the Gulf of Mexico would take about 45 days. He’s especially frustrated over the appeal board’s suggestion that the Arctic drill would somehow be hazardous for the people who live in the area. “We think the issues were really not major,” Slaiby said, “and clearly not impactful for the communities we work in.”

The closest village to where Shell proposed to drill is Kaktovik, Alaska. It is one of the most remote places in the United States. According to the latest census, the population is 245 and nearly all of the residents are Alaska natives. The village, which is 1 square mile, sits right along the shores of the Beaufort Sea, 70 miles away from the proposed off-shore drill site.

Shell spent billions for nothing. Hey, that ought to lead speculators to believe the prices will drop.

Note: Complaints directed to the White House will be auto-reponded with “Trade in your 8 mpg SUV and buy a Volt!”

Comments

13 Responses to “Cash-Strapped Americans Anxiously Wait to See if EPA Causing Shell Oil to Lose Billions Will Drive Down the Price of Gas”

  1. Granny55 on April 25th, 2011 6:46 pm

    Let's see – wasn't it just a couple months ago that Zero was scolding oil companies to just explore the leases they already had? Sounds like Shell had this lease to the tune of $2 billion and EPA shuts them down? Now what? All this man does is chase his tail in a circle like a dumb dog.

  2. Joe Redfield on April 25th, 2011 6:48 pm

    How about letting the inhabitants of Kaktovik vote on it, with the proviso that the vote is final and the EPA, Energy Dept, etc. cannot overturn it?

    PS: Thanks for fixing the comments; I kept getting a '403 Forbidden' notice, and thought it might have been something I said.

  3. Marshall_Will on April 25th, 2011 7:43 pm

    Doug's title says it all. The market and speculators, participants and lowly drivers like you and me all pretty much know what the score is? Oil Exploration & Production is fraught with enough risk as it is.

    Now we all know that either Salazar or Browner will/have been there all along to shut it down. So it's no longer even a "binary situation". Kind of like when you buy a bio-tech stock in the 'hopes' they'll get FDA Approval. Either the FDA will/won't approve the new drug.

    Now that we KNOW for a fact the oil co's will LOSE at every turn, there's no longer any -balance- to the equation. Speculators don't even have to agonize over Red or Black! Put it -all- on RED! ( Is this Obama a dumb@$$ or what? )

  4. SignPainterGuy on April 25th, 2011 7:59 pm

    With you on both parts ! ESPECIALLY THE FIRST !

  5. OK_Loyalist on April 25th, 2011 8:51 pm

    I was reading comments last night (I forget where) and I read a new name I heard for °O°…

    Wait for it …..

    Ofumduck

    LOL

  6. SignPainterGuy on April 25th, 2011 9:27 pm

    A Cheech and Chong fave; Chuck U. Farley.

    Rush is on that line w/ Chuck U. Schumer…….

    Obummer is the dumbest person I`ve witnessed to be thought by the libs / progs as so dadburn smart !

  7. Marshall_Will on April 25th, 2011 9:52 pm

    The only way it could be any 'more' obvious is if Ofumduck was setting fire to our oil rigs himself. Or allowing Nat'l Guard artillery units to use them for target practice?

    Again, half the reason 'some' of the birthers drive me up a wall. Impeach NOW and let him fumble around for the homework his dog ate later… IMHO

  8. OK_Loyalist on April 25th, 2011 10:04 pm

    Problem with Impeachment from these a-holes in DC, it don't mean crap … Bill Clinton proves this unfortunately.

  9. SignPainterGuy on April 25th, 2011 11:21 pm

    Just saw linked from Drudge, Obama Motors (GM and Chrysler) have 9 of 11 worst (bottom) rated vehicles for such things as "reliability and gas mileage". The story doesn`t go beyond that listing, not telling the negatives per vehicle that earned them their bad marks. Fascinating !

  10. Jim T. on April 26th, 2011 2:05 am

    "Or allowing Nat'l Guard artillery units to use them for target practice?"

    Well, his first response to the rig explosion last year was to send in a S.W.A.T. team!!

  11. TheLiberalMedia on April 26th, 2011 5:56 pm

    We all know that any savings Big Oil get they pass right along to the American consumer, right? Drill baby drill!

  12. SignPainterGuy on April 26th, 2011 8:36 pm

    Very likely they do, after they`ve recouped the losses suffered because of the relentless oppressive regs from the Usurper-in-Chief and the EPA and other anti-capitalist gooberment orgs !

    The mere mention of drilling for our own oil would bring down prices almost immediately. It has happened before. Judging by your avatar, a jellyfish, both brainless and spineless, you missed that bit of history.

    Are you even aware of "Big Oil`s" profit margin ? It`s pitifully small ! About 9 cents per gallon.

    And before I forget, I don`t believe TheLiberalMedia or the Liberal Media !

  13. Madness: EPA Turns Down Shell Appeal in Alaska « Mayrant&rave on April 27th, 2011 6:51 pm

    [...] Doug Powers – The Powers That Be – [...]

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