BREAKING: Shell Pulls Out of Summer Arctic Drilling Plans
by Meena Hussein
January 30, 2014
Petty Officer 1st Class Sara Fra
After reporting a 71% drop in fourth-quarter profits, Shell has decided to cut its exploration and development spending and drop summer plans to drill in the Arctic. This decision is also due in part to last week’s 9th Circuit Court of Appeals ruling that the full range of environmental risk was not properly assessed by the US federal government.
Shell’s chief executiveBen van Beurden said,”This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014.” Read more on The Guardian