by Dramelin 5:00 AM 0 comments

"In this current oil price environment, it (Arctic drilling) is really not very feasible," Emily Stromquist, senior analyst at Eurasia Group, said.
"Petroleum exploration in the Artic is costly and technically complex, making it largely unviable for oil companies despite the region containing an estimated 13 percent of the world`s untapped resources.
"You`re not looking at particularly great economics for Arctic projects as long as we stay in the $50 to $60 per barrel oil price range.
This is good news for policymakers and environmental activists who have been attempting to regulate drilling to manage potential oil spills and the displacement of indigenous communities.
Low oil prices have caused international oil companies to think twice about investing in Arctic extraction, but with prices on the rise it is only a matter of time before businesses tap into what has long been considered the final frontier for energy resources, according to Eurasia Group.