That article was published at the McAlvany Intelligence Advisor on Friday, August 21, 2015:
The last time Shell tried to find oil in the Arctic Ocean, it was 1991. Since then, challenges from environmental groups, escalating costs, and changing economies have stymied the company, or any of its competitors, from continuing their search.
In 2008, however, Shell succeeded in obtaining a lease to drill in the Chukchi Sea, off the northeast corner of Alaska. It paid $2.1 billion for the opportunity and has invested more than $7 billion since then.
It stubbed its toe in 2012 when its multi-billion-dollar Kulluk drilling rig ran aground, delighting environmentalists, and stalling its efforts for the next three years.
So far, for its efforts, it has not obtained a single drop of oil or a single cubic foot of natural gas.