For a while now Shell has been trying to suck oil in the arctic. Arctic drilling is extremely dangerous and Shell’s efforts in the north have been ridiculed by Greenpeace. Greenpeace’s efforts have been matched by a ton of organizations (mostly on the west coast) also trying to stop Shell’s folly.
The sane eco-conscious people have won against Shell. Even Bloomberg acknowledges that a reason Shell pulled out of the north is due to activist pressure.
The old-economy company based on hydrocarbon extraction has announced they’ll end their arctic drilling efforts. This means that the company wasted $7 billion dollars!
â€œShell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.â€
Reacting to the news, Greenpeace UK executive director John Sauven said: â€œBig oil has sustained an unmitigated defeat. They had a budget of billions, we had a movement of millions. For three years we faced them down, and the people won.