• 55 mins Exxon Starts Production At New Refinery In Texas
  • 2 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 20 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 20 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 21 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 22 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 22 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 23 hours VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 8 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
Canada’s Pipeline Industry Takes Another Hit

Canada’s Pipeline Industry Takes Another Hit

Canada’s struggling oil industry has…

Half A Million Bpd At Risk From Geopolitical Firestorm

Half A Million Bpd At Risk From Geopolitical Firestorm

Geopolitical tensions are once again…

James Burgess

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