"Responsible development of Alaska's resources is critical to the economic prosperity of our state and nation. However, responsible operators need predictable processes to follow. We must continue to demand accountability and high standards to protect our air, water, and biological resources. Unfortunately, this decision casts doubt on what it is going to take to do things right."
Alaska Governor Sarah Palin said she was deeply disappointed that the Ninth Circuit Court of Appeals turned down Shell's Alaska Beaufort Sea exploration plan.
"Oil prices should not be compared to history without also comparing volatility. Current fundamentals are poor and we have been in the past trading below $50/b but never with the current volatility. Another meltdown on Wall Street would probably translate into another wave of selling on oil ... If crude oil is to sustain a price below $50/b, volatility needs to come off. For now, volatility is increasing not decreasing and being led by volatility on equities."
Oil analyst Olivier Jakob at Petromatrix said in a report.
Updated: November 21, 2008
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