The Obama administration announced on Friday that all offshore drilling operations in the Arctic Ocean will be shut down and no more drilling permits will be issued.
Shell Oil Company had such a lease and had spent billions of dollars exploring -- but found nothing worth going after. They had recently announced they were closing their Arctic operations.
Whether the two are connected (as in, it's easy to deny drilling permits that nobody wants anyway) or whether it was a principled, environmental decision is not clear. But, either way, this is very very good news.
Ralph
CORRECTION: I overstated. No drilling leases will be renewed and no new ones issued. They did not say that currently drilling operations will be shut down.
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