It's a bizarre time for the Trump administration to move forward with controversial plans to open Alaska's pristine Arctic National Wildlife Refuge up to drilling
Interior Secretary David Bernhardt predicted Monday that the administration's oil and gas leasing program in Alaska's Coastal Plain could"create thousands of jobs" and mark a new chapter in American energy independence.Yet those dreams could be thwarted by the reality of the moment. The world simply does not need more oil right now.
drilling. BP has also promised to increase its low carbon investments 10-fold by 2030 as part of its bid to get to net zero emissions by 2050.Massive supply glutThe Interior Department's announcement Monday to clear the way for drilling in to drilling"may turn out to be a flop.""Even if Trump can overcome legal challenges to offer lease sales in
development look a lot more attractive to oil companies than it does in today's glutted market," McNally said.'Very expensive' place to drillStill, there are serious obstacles before developing in -- but these barrels are"hard to find and even harder to extract and market." Oil companies would need to launch massive and expensive exploration programs to find it all. Climate change concernsAnd while oil supermajors ExxonMobil and Chevron have the financial resources and expertise to drill in
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