There is clearly some sort of racket being played by which the energy companies expect to be compensated for proven resources ultimately left in the ground. The sure play is to produce ASAP, but this continuing pissing-on-turf exercise has implications well out of the public eye and ever further out of the reach of democratic principles.
In a couple of years there will no longer be an arctic so that there will be no more arctic drilling…
There are two excellent reasons to ban drilling in the Arctic Ocean. The first is that it is dangerous to the environment and the oil companies have a pitiful record of environmental awareness. Perhaps a cash bond of a trillion dollars would ensure compliance but it still would be a risky bet. The other reason is even simpler. If we don’t suck it up and burn it all then we will still have it when the rest of it is gone. It will have a lot more value then and the oil companies would be a lot more careful about wasting it. However I can think of few recent incidences of corporate rational thinking in the past few decades.
This winter has been extra warm in Alaska. Minimal precipitation and temperatures averaging at least 5C warmer than average for most areas over the past several months. Arctic sea ice, with a reduced threshold for critical loss in thickness, is a monstrous Arctic parameter with tipping point implications.
Increased Arctic traffic, oil exploitation efforts, oil spill clean up and contamination of the Arctic by all of the above will hasten and further advance the destabilizing consequences of climate change in the Arctic. The new proposed guidelines of the Bureau of Safety and Environmental Enforcement (BSEE) and the Bureau of Ocean Energy Management (BOEM) for new Arctic drilling standards should be amended and recognize that drilling for oil in the Arctic is out of line with responsible resource development.
“Expected to be compensated for proven reserves left underground”… yeah,a racket is right… I read someone who said that on a response… they seemed to be saying that we could make “progress” with these companies if we did that so we have to come up with a way to get the money to pay them… Hahahahahahahahahahahahahahah
and so on…
Are you for real? a cash bond for a trillion dollars to these A**holes?.. Like they should be paid for this?.. Why?.. they do not have any right to get money for the rest of this crap…