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So much for polar bears: Arctic drilling to begin

By John Daly - posted Tuesday, 6 September 2011


The Kara Sea oil exploration concept is one of those ideas that look good in boardrooms but bad in reality. The severe climate, combined with the difficulties of oil transport, should give pause to all except those inhaling seven figure salaries and three martini lunches.

And never mind the fact that the waters contain some of the world's richest fishing grounds. The Exxon Mobil-Rosneft alliance has the tacit blessing of both the U.S. and Russian governments, so it will more than likely go forward.

Offshore drilling comes with attendant risks unlike land-based exploration, which the Macondo blowout proved. If it took BP three months to shut down its well in the relatively shallow and warm waters of the Gulf of Mexico, then how do Exxon Mobil and Rossneft propose to deal with a similar incident in waters several hundred miles south of the Arctic Circle that are frozen for all but two months of the year? Guess we'll find out.

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Good thing that polar bears can't vote, but then, they're an endangered species anyway, so even if they could, there are too few to matter.

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This article appeared in oilprice.com on 1 September 2011.



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About the Author

Dr. John C.K. Daly writes for OilPrice.com.

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