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Government gave green light to Arctic oil drilling

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The U.S. government authorized oil drilling in a large Nature Reserve in Alaska on Monday. Environment protection organizations are fiercely opposed to drilling in the area. The drilling may endanger a lot of species including polar bears, wolves and birds.

On Monday evening, the US President Donald Trump’s government removed the last hurdles to allow drilling, After steps were taken earlier in 2017 to allow such oil exploration. First licenses may be granted by the end of this year.

Presidential elections will take place in America in November. Should Trump lose these elections, it will be difficult for the new president to reverse the decision on the drilling. What oil companies are interested in drilling the park is not known. It is clear, however, that they can count on a great deal of resistance from, among other things, environmental activists.

Several large banks have also indicated in the past that they do not wish to finance such activities. The question also arises as to how profitable the oil can be extracted, given the persistently low oil prices.




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