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Insurance Giant Lloyd’s of London Warns Of ‘Unique And Hard-To-Manage Risk’ Of Arctic Ocean Oil Drilling

Mon, 04/16/2012 - 13:48 — Dave Culver
Section(s): 
Business
Health & Environment

  • If we have trouble delivering fuel on land, how would we handle a winter oil spill in the Arctic Ocean?
  • As ice cap melts, militaries vie for Arctic edge

Kiley Kroh and Michael Conathan, Think Progress

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Analysts at one of the world’s largest insurance markets are warning that offshore drilling in the Arctic would “constitute a unique and hard-to-manage risk” and urged companies to “think carefully about the consequences of action” before exploring for oil in the region.

Lloyd’s of London, a large UK-based insurance pool, issued a report (recently) outlining the severe environmental and economic risk of oil and gas drilling in Arctic waters. The stunning report comes as Royal Dutch Shell prepares for exploratory drilling operations in the Arctic – even while leading experts warn that there’s virtually no infrastructure in place to clean up an oil spill in the fragile region.

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Related:

As ice cap melts, militaries vie for Arctic edge, Eric Talmadge, Associated Press / Washington (DC) Post
The new Cold War?
 

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