"Before the permits were issued, Shell had already spent around $2 billion on the leases alone, in addition to another $4 billion spent on planning the drilling ventures in the Beaufort and Chukchi seas. The U.S. Geological Survey (USGS) estimates there are up to 27 billion barrels of oil and 74 trillion cubic feet of natural gas in the Arctic Sea.
With the Environmental Appeals Board's decision to withhold the air permits, the Board also suggested drilling in the Arctic region could be hazardous to the area's inhabitants, even though the closest residents live about 70 miles away from the Beaufort Sea drilling site proposed by Shell. Currently, offshore oil drilling off the Atlantic Coast and the eastern Gulf of Mexico are closed until 2017 as a result from BP's Deepwater Horizon oil spill in April 2010, which has become the worst oil spill in U.S. history."
If I "leased " you a house for $2 billion and then said you could not live there, odds are I would go to jail. Yet the government gets away with it ! ! ! Lease and switch ! ! !
http://news.yahoo.com/s/ac/20110426/lf_ac/8366623_epa_blocks_shell_oil_from_arctic_offshore_oil_drilling_1
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