The Oil Industry Just Backed Out Of A Multi-Billion Dollar Investment

It seems that the rent really is too high, at least for the major oil and gas firms that have now cancelled their exploration leases in the Arctic. ConocoPhillips, ENI, and Iona have relinquished all their leases in the Chukchi and Beaufort seas off the coast of Alaska, according to new documents obtained in a Freedom of Information Act request filed by advocacy group Oceana.

“The decisions to give up leases reflect both environmental and economic realities of operating in a remote and unforgiving environment like the Arctic,” Michael LeVine, senior counsel for Oceana, told ThinkProgress.
http://thinkprogress.org/climate/2016/05/10/3776851/arctic-leases-relinquished/