05/06/2010 - The question of what the Deepwater Horizon accident will mean for the future of oil extraction can probably be answered depending on one’s views. Jeff Rubin believes it could be a turning point for world oil supply; others are not so sure.
Either way, the disaster highlights the increasing intensity with which oil is being sought.
Another possible source of oil is the US Arctic Ocean, for which Shell is to begin drilling exploration wells this year. Marilyn Heiman, the US Arctic programme director of Pew Environment Group, believes neither the Minerals Management Service in its environmental assessment, nor Shell, have adequately considered how to deal with a large spill in the Arctic Ocean - which she says could be more difficult due to weather conditions.
Read the full post What the Leak Says About the Search for Oil on the Financial Times' Web site.