The decision by President Obama and Prime Minister Trudeau to forbid oil and gas drilling in the Arctic is one great gift for Christmas. These areas are simply too vulnerable to an oil spill and would be very hard to clean up after the fact. We all remember the Exxon Valdez in Alaska.
Some in the oil industry have decried these moves by both leaders but people who know about this subject know very well that the oil industry has no appetite to spend money in these frigid Arctic waters. First, oil prices are still very low, too low to contemplate more exploration in these waters. Secondly, why go to the Arctic when new discoveries of oil are being made in less demanding environments. The oil lobby is objecting to this more for political reasons than anything else.
The good news is that even with a President Trump bent on reversing these decisions the odds of that happeneing are low as his lawyers would be tied up in courts for many years to come. Reversing what President Obama has done will be near impossible and that is a good thing.
I want to wish to all my subscribers Happy Holidays!