WTI Crude

Loading...

Brent Crude

Loading...

Natural Gas

Loading...

Gasoline

Loading...

Heating Oil

Loading...

Alt Text

50% Of Proved Oil Reserves May Have Just Vanished

An extensive new scientific analysis…

Alt Text

The $2 Trillion Gamble That Saudi Arabia Cannot Win

Prince Muhammad Bin Salman laid…

  1. Home
  2. Latest Energy News
James Burgess By

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

US Coast Guard Needs Billions of Dollars to Cover Oil Companies in the Arctic

Shell is one of six energy companies hoping to begin drilling for oil and gas in the Arctic next month. Global warming has led to large amounts of ice melting, which in turn has opened up new areas off Alaska’s north coast, ready for oil and gas exploration.

Since 2005 Shell has spent $4.5 billion preparing for its upcoming Arctic adventure, but it now turns out that US citizens may be required to fork out nearly as much in order to control and regulate oil company operations in the Arctic.

The Coast Guard will need to follow the companies exploring in the Alaskan waters, in order to defend US interests, carry out sea rescues when needed, and organise responses to oil spills. The problem is that the Coast Guard is not equipped for Arctic operations. According to a joint report by the Congressional Research Team and the Coast Guard, it lacks the necessary communication and navigation systems, and will need at least $3 billion invested in new vessels and equipment, if it hopes to function effectively within the cold, rough seas of the Arctic circle.

Admiral Robert Papp, the Coast Guard commandant, said in an interview with Bloomberg, that “the Coast Guard has zero capability in the Arctic. If we are going to have a permanent presence there, it’s going to require some investment. We don’t have the infrastructure in place right now.”

By. James Burgess of Oilprice.com


Join the discussion | Back to homepage

Leave a comment
  • Sylvan on July 20 2012 said:
    Not one penny to help them destroy the last clean environment on earth!
  • William on July 19 2012 said:
    The US should bill the oil drillers for these funds.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News