Justin Rosario September 28, 2015
Faced with ongoing and rather clever protests, brutal conditions and mounting costs, Shell has announced that it is abandoning its efforts to cause the largest and most unstoppable oil spill in history to drill for fossil fuel in the Arctic Ocean:
Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.
The company expects to take financial charges as a result of this announcement. The balance sheet carrying value of Shell’s Alaska position is approximately $3.0 billion, with approximately a further $1.1 billion of future contractual commitments. An update will be provided with the third quarter 2015 results.
In other words, Shell blew $4.1 BILLION dollars, and has exactly diddly squat to show for it. Couldn’t have happened to a more deserving company. Even more importantly, this debacle will serve as a warning to other greedy oil companies that perhaps they should steer clear of the Arctic until they know what they hell they’re doing.
More: http://www.addictinginfo.org/2015/09/28/shell-abandons-plans-to-drill-in-the-arctic/
Exposing the Big Game 