Great article from National Geographic, with even better pictures than usual, detailing the difficulties of finding oil in the Arctic.
In the Arctic’s Cold Rush, There Are No Easy Profits
THE HIGH PRICE OF ARCTIC OIL
Arctic oil is expensive to produce. Its break-even price—the price required to cover the cost of production—is exceeded only by that of oil sands, such as those in Canada, which require large amounts of energy to separate oil from sand.
Break-even price of known but undeveloped oil reservoirs
Per barrel, October 2015
The price of oil in December 2015 was $37 per barrel.
The price of oil in December 2015 was $37 per barrel.
