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 EPAâs 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. http://www.foxnews.com/us/2011/04/25/energy-america-oil-drilling-denial/
I think I read that 3 of the 4 members on the review board are environmentalists. Sort of rigged government extortion. $4 billion isn't peanuts for any company to be throwing away.
The money wont necessarily be lost, Shell will just have to hold off until we get rid of Obama. This may be a blessing in disguise, people will start putting together the pieces (rightly or wrongly) and pin the price of gas solely on Obama when they hear more and more stories of him screwing over the oil companies. I can afford to gas my car up at twice the cost for a couple years if it means getting rid of Obama.
Probably didn't grease the right palms. Should have taken lessons from Cheney and Halliburton on how to lobby away the rights of taxpayers.
LOL, Epic Fail! Shell, and their employees pay alot more in taxes than most people, Obama and the environmental lobbyists just, (according to you) "lobbied away their rights as tax payers." It is the exact same thing buddy, actually no i take that back, it isnt the same thing. Haliburton was awarded contracts, contracts which would have been given to some other company if Haliburton didnt exist. Its not as though Bush and Cheney went in and shut down someone elses operation in order to please the lobbyists. However this is exactly what just happened with Shell, they just got flat out robbed.
Yea, to other countries. Of course big oil always passes along their cost savings to consumers too. Whats wrong is that oil gets 4 billion in subsidies from taxpayers yet price at the pump can go up?
What a bunch of morons on this board. Fox News framed the story to suggest they are walking away from the leases. The story says they usually need 45 days to apply for the air permits. Shell says it "must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska." They'll begin drilling in the fall then. Again, you are fucking idiots.
You are a fool with poor reading comprehension. The 45 days was referring to permits in the Gulf of Mexico, idiot. They don't drill in the fall north of Alaska. Don't you have any idea where Alaska is? You are a good ole fool who I am putting on IGNORE!!