The incoming executive director of the International Energy Agency said drilling for oil in arctic waters may be geologically and economically prohibitive. “I believe that arctic oil is not for today, and not for tomorrow — maybe for the day after tomorrow,” Fatih Birol told The Guardian newspaper in London. “It’s geologically difficult, technologically difficult, lots of environmental challenges, and the cost of production is very, very high, especially if you look at the current oil price levels.” The U.S. Bureau of Safety and Environmental Enforcement in August awarded Shell with one permit to start drilling an […]