Shell has abandoned efforts to drill for oil in the arctic. Environmentalists may celebrate. But it should be noted that this pullback is the result of new oil extraction technology increasing the flow of oil elsewhere, which reduces the price (increasing the amount burned), and thereby increases the urge to boost production on the part of those reliant on income from this nefarious business, a free enterprise that is tragically free to ignore the cost of its exacerbation of global warming. Here's the perspective of the governor of Alaska:
- For many Alaskans, Monday was “a huge disappointment, a really big disappointment,” as Gov. Bill Walker put it, reflecting on the tax revenue, jobs and investments that may be lost as Royal Dutch Shell abandons its plan to drill for oil in the Alaskan Arctic. ...
- Mr. Walker said he would fight harder than ever to get more oil drilling permitted, especially in the Arctic National Wildlife Refuge, which the Obama administration partly shut down to exploration earlier this year.
- “We need to get some oil in the pipeline, and we need to get it as quickly as possible,” Mr. Walker said.
- - Kirk Johnson, Exuberance and Disappointment at Shell’s About-Face in the Arctic, New York Times, Sept. 28, 2015