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Oil Drilling in the Arctic – is it worth it ?

Oil Drilling in the Arctic – is it worth it ?. By Kirsten scharrer and Carmen martensen. Summary. Drilling in the arctic is not worth it. Costs of oil drilling. Shell spent $4,5 BN for one exploration and two ships damaged 44 bn barrels of oil estimated

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Oil Drilling in the Arctic – is it worth it ?

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  1. Oil Drilling in theArctic– isitworthit? By Kirsten scharrerand Carmen martensen

  2. Summary Drilling in the arctic is not worth it

  3. Costsofoildrilling • Shell spent $4,5 BN foroneexplorationandtwoshipsdamaged • 44 bnbarrelsofoilestimated • Average costof $224,24 per barrelcrudeoil • An estimatedavergaecostsof 6,6 bncrudeoil • The price per barrel must behigherthan $224,24 • $100,81 price per barrelcrudeoil 19th October 2013

  4. Costs vs. Price

  5. Unmanageable difficulties • Harsh Weather • Storm • Ice • Geographic • Sandbanks • Rock layers

  6. Worldwide Consumption

  7. Oil usage Private and Industrial • Highest usage for transportation • Cars, trucks, trains, ships, planes • Plastics • Toothbrush, Trash Bags • Chemicals • Cosmetics, pillows

  8. Short-term Environmental issues • Oil spill Impacts • Damage to ecosystem • Animal death • Decelerated decomposition due to low temperatures

  9. Long-term Environmental issues • Greenhouse Gas emission • Climate change • Melting Ice (e.g. flooding) • More extreme weather (e.g. Hurricanes) • Diseases • New (e.g. other respiratory diseases) • Worse (E.G. smog  every 5th child dies) • Expansion (E.G. West nile fever)

  10. Conclusion • Drilling in the arctic is dangerous and not profitable • Only Profitable at • Min. $224,24 costs for 1 barrel oil • Impact on Environment • Animal death • Diseases • Climate change

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