as if anyone has the money for new Arctic offshore games
Making the merchant marine great again… So we are gonna open things up and pay american wages. No no no. To risky these companies couldn’t afford that
next (potential) chapter. Still much ado about nothing apparently.
the majors will not sign up to drill as long as oil prices remain so low and fracking offering such lower priced production. This will be especially true with the Arctic. After Shell’s losing over $8B and getting nothing for it, nobody wants to be the next one to get laughed at by the industry.
mmm, I’m sure California may not be that amused
The administration could offer drilling rights on the Sun - someone might even buy it - but that doesn’t mean anyone will start drilling any time soon.
some support of these arguments in the ADN piece: https://www.adn.com/business-economy/energy/2018/01/04/if-the-arctic-ocean-is-reopened-to-drilling-will-the-industry-come/
Coming to a location near you
If there is going to be more Arctic drilling, it will first be on land, or in shallow water on manmade gravel islands with reasonable access to the Transalaska pipeline.
manmade gravel island drillig is happening as we speak: https://www.bsee.gov/newsroom/latest-news/statements-and-releases/press-releases/bsee-oversees-spudding-of-new-oil-well
here is Bloomberg’s take on the news
pretty much backs up my take on this news which is that it is a big yawner
Just a matter of time before this whole thing falls apart, given other governors are gonna stand in line with the same request.