Things are looking up for the Arctic.
Only last week, Shell announced it has cancelled its plans to drill in Alaska this year. This came just days after a US court ruled that the leases granted to Shell to drill for oil in the Chukchi Sea off the Alaskan coast were invalid and had been granted unlawfully. Shell has now wasted over $6 billion trying to drill for oil in the Gulf of Alaska with no real results and investors are going to be wondering whether the Arctic oil dream is one worth chasing.
