Shell Oil Company has announced it must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska. The decision comes following a ruling by the EPAs Environmental Appeals Board to withhold critical air permits.
There’s always risk of government regulation. But when the government leases you something for a specific purpose and then refuses to let you use it for the purpose you leased it, that’s outright fraud.
Shell has spent five years and nearly $4 billion dollars on plans to explore for oil in the Beaufort and Chukchi Seas. The leases alone cost $2.2 billion.
The United States Federal Government stole $2.2 billion from Shell Oil.
Shell has absolutely no reason to tolerate this sort of thing. I wouldn’t. Neither would you. That $2.2 billion will be priced back into their products and they will refuse to engage in further drilling activity where this can happen again.
This is how we wind up with $10/gallon gasoline – oil companies will simply refuse to do business under these circumstances, and having done so, we will get to pay for it.
Make sure you thank President Obama as fuel prices continue to rise. He has directly and intentionally caused part of that increase by allowing the EPA, which is under Executive control, to take this action.
Picked up from the comments @ http://disruptthenarrative.wordpress.com/2011/04/24/gas-pump-activism/
Now tell me this isn’t Satan incarnate staring at you……