Obama cancels Arctic drilling lease sales

The Obama administration took a number of actions Friday to restrict future offshore drilling in the Arctic Ocean.

The Interior Department is canceling two lease sales it had planned over the next year and a half for Arctic drilling rights and denying two oil companies’ requests to extend the time on leases that they currently hold.

 The decision comes weeks after Royal Dutch Shell pulled out of the Arctic for the foreseeable future, saying the little oil it found in this summer’s drilling is not worth the cost.

The administration said its decisions are based on the current oil markets and low interest in Arctic drilling.

But it’s also a significant action to crack down on one of the most controversial types of offshore oil and gas drilling that has environmentalists fired up in opposition.

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Energy represents freedom. If it is cheap, we are free. If it is highly priced, we are enslaved. What would you pay to be free? What would you pay to be warm?

David DeGerolamo

      
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