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Arctic Drilling: A Giant Gamble for the Planet and Shells Bottom Line

2015-08-31 14:47:00| Climate Ark Climate Change & Global Warming Newsfeed

EcoWatch: Its a gamble--some would say a giant gamble. Before even one litre of oil has been found, the Anglo-Dutch Shell group is believed to have spent more than US$7 billion--just making preparations for its latest Arctic venture. Shell is betting on finding the oil industrys Holy Grail: according to 2008 estimates by the U.S. Geological Survey, the Arctic contains more than 20 percent of the worlds remaining hydrocarbon resources--including at least 90 billion barrels of oil. If Shell does strike...

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