Obama cancels Arctic drilling lease sales

[babylonsister]

Obama cancels Arctic drilling lease sales
By Timothy Cama - 10/16/15 04:27 PM EDT


The Obama administration took a number of actions Friday to restrict future offshore drilling in the Arctic Ocean.

The Interior Department is canceling two lease sales it had planned over the next year and a half for Arctic drilling rights and denying two oil companies’ requests to extend the time on leases that they currently hold.

The decision comes weeks after Royal Dutch Shell pulled out of the Arctic for the foreseeable future, saying the little oil it found in this summer’s drilling is not worth the cost.

The administration said its decisions are based on the current oil markets and low interest in Arctic drilling.

But it’s also a significant action to crack down on one of the most controversial types of offshore oil and gas drilling that has environmentalists fired up in opposition.


more...

http://thehill.com/policy/energy-environment/257191-obama-cancels-arctic-drilling-lease-sales

[MBS]

1. great news n/t

[Agnosticsherbet]

2. This is very good news

[spanone]

3. K&R...

[dumbcat]

4. Good

That should boost the price of oil and gas.

[Blue_In_AK]

5. The powers that be in Alaska will be screaming

(I can already hear Murkowski and Sullivan bugging out), but this makes me very happy.


Ed. Haha, as predicted...

http://www.adn.com/article/20151016/interior-department-cancels-lease-sales-alaskas-arctic-waters-citing-low-interest

<snip>

"It's more of the same," said Sen. Dan Sullivan.

<snip>

“Alaska must be able to responsibly explore and develop our rich natural resources both onshore and offshore," Walker said in an earlier written statement. "Any action that limits our ability to explore for more oil -- to increase much-needed oil production through the trans-Alaska oil pipeline -- creates unnecessary uncertainty and burden on our economy.”

Young decried the decision to reject lease extensions. "Instead of throwing a lifeline to the state, they throw us a cinder block," he said in a statement.

In a written statement, Murkowski called it a "stunning, short-sighted move."

"Today’s decision is the latest in a destructive pattern of hostility toward energy production in our state that began the first day this administration took office, and continued ever since," the senior senator said, pointing to prior decisions to close off other Arctic coastal areas and 11 million acres of the National Petroleum Reserve-Alaska.

<snip>

What a bunch of whiners. Sure, it hurts Alaska's economy, but maybe we need to get off our butts and figure out a new revenue stream. I'm tired of Alaska being Big Oil's colony.

[Duval]

6. Wonderful news.

And I'm surprised. Perhaps our petitions and articles from respected scientists finally made them see the light?

[Demeter]

9. More likely Shell throwing in the towel discouraged sales

[Monk06]

7. It's a moot point when off shore Alaska oil production needs $75 bbl oil to be profitable

And it's looking like the size of reserves off shore have been exaggerated causing huge distortions in exploration expenditures for nothing. Hence Royal Dutch Shell throwing in the towel and Shell started the North Sea oil boom so they are used to harsh conditions but the oil has to be there in large concentrated formations or the economics fall apart

[Hydra]

8. I'm glad it's being seen as a not profitable option, both privately and in the Gov't

Because the last thing we need is a Deepwater Horizon disaster up there.

[eridani]

10. Excellent! Drop by the White House email page and let them know n/t