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Lloyd’s of London Warns Of ‘Unique And Hard-To-Manage Risk’ Of Arctic Ocean Oil Drilling

ThinkProgress -- Analysts at one of the world’s largest insurance markets are warning that offshore drilling in the Arctic would “constitute a unique and hard-to-manage risk” and urged companies to “think carefully about the consequences of action” before exploring for oil in the region.

Lloyd’s of London, a large UK-based insurance pool, issued a report today outlining the severe environmental and economic risk of oil and gas drilling in Arctic waters. The stunning report comes as Royal Dutch Shell prepares for exploratory drilling operations in the Arctic – even while leading experts warn that there’s virtually no infrastructure in place to clean up an oil spill in the fragile region.

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Submitted Apr 13, 2012 By: eromitlab

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dave27johnson Champion Author Chicago Posts:1,790 Points:410,260 Joined:Feb 2012	Message Posted: Apr 14, 2012 4:20:03 PM Ignore dave27johnson Report Abuse It will be expensive to extract oil up there and get it back to where it's needed. We need to find simpler, less expensive solutions.
DanMtz Champion Author Oakland Posts:3,360 Points:1,244,300 Joined:Oct 2009	Message Posted: Apr 14, 2012 12:23:47 PM Ignore DanMtz Report Abuse Well, duh!
remay Champion Author Houston Posts:6,973 Points:2,119,340 Joined:May 2006	Message Posted: Apr 14, 2012 10:24:17 AM Ignore remay Report Abuse WHAT? They are just NOW realizing there is "risk"? How different is it from OTHER "hard-to-manage" areas, like the North Sea?
jrs4125 Champion Author Indiana Posts:2,768 Points:593,695 Joined:Sep 2011	Message Posted: Apr 14, 2012 6:10:01 AM Ignore jrs4125 Report Abuse Drill baby drill........ no matter about the consequences. We must feed the hunger.
Pozole Champion Author Portland Posts:9,608 Points:1,596,470 Joined:Mar 2005	Message Posted: Apr 14, 2012 3:20:54 AM Ignore Pozole Report Abuse ...I wouldn't insure them and if I had any pull wouldn't let them drill there...can you imagine a spill UNDER the ice ? ?...
drpepperTX Champion Author Texas Posts:8,950 Points:753,185 Joined:Apr 2011	Message Posted: Apr 13, 2012 9:21:03 AM Ignore drpepperTX Report Abuse "By Climate Guest Blogger on Apr 12, 2012 at 11:57 am" Letmeeatcake? Hello?? [Edited by: drpepperTX at 4/13/2012 9:22:09 AM EST]
Dphillips720 Champion Author Michigan Posts:1,407 Points:532,700 Joined:Mar 2011	Message Posted: Apr 13, 2012 6:53:28 AM Ignore Dphillips720 Report Abuse ok then duh
Dphillips720 Champion Author Michigan Posts:1,407 Points:532,700 Joined:Mar 2011	Message Posted: Apr 13, 2012 6:53:08 AM Ignore Dphillips720 Report Abuse yeah
yardslave Champion Author Oklahoma City Posts:2,565 Points:598,755 Joined:Dec 2005	Message Posted: Apr 13, 2012 6:20:31 AM Ignore yardslave Report Abuse Ok...
JohnofGB Champion Author Flint Posts:5,431 Points:1,098,145 Joined:Feb 2010	Message Posted: Apr 13, 2012 6:11:01 AM Ignore JohnofGB Report Abuse Well, duh...........
pscamp Champion Author Ottawa Posts:3,292 Points:476,935 Joined:May 2011	Message Posted: Apr 13, 2012 6:06:24 AM Ignore pscamp Report Abuse huh?
1momsunshine Champion Author Ottawa Posts:5,495 Points:1,002,305 Joined:Mar 2010	Message Posted: Apr 13, 2012 6:04:30 AM Ignore 1momsunshine Report Abuse ok
Luckylindy Champion Author Milwaukee Posts:4,524 Points:1,129,020 Joined:May 2008	Message Posted: Apr 13, 2012 5:20:10 AM Ignore Luckylindy Report Abuse The polar bears will go from white to black.
bills299 Champion Author Atlanta Posts:3,371 Points:905,465 Joined:May 2005	Message Posted: Apr 13, 2012 4:54:17 AM Ignore bills299 Report Abuse Wow!
humblepie Champion Author Toledo Posts:34,284 Points:2,373,320 Joined:Mar 2006	Message Posted: Apr 13, 2012 4:50:55 AM Ignore humblepie Report Abuse save the owls save the trees save the illegals abo 2012
OHMS Champion Author Orange County Posts:13,727 Points:1,693,830 Joined:May 2005	Message Posted: Apr 13, 2012 4:36:13 AM Ignore OHMS Report Abuse Lloyd’s report includes a laundry list of reasons why oil companies ought to hit the pause button on offshore Arctic drilling, including: Significant knowledge gaps across the Arctic need to be closed urgently Arctic conditions will remain challenging and often unpredictable The environmental consequences of disasters in the Arctic are likely to be worse than in other regions The politics of Arctic economic development are controversial and fluid.
Buckeyee Champion Author Maine Posts:4,611 Points:900,600 Joined:May 2010	Message Posted: Apr 13, 2012 3:58:03 AM Ignore Buckeyee Report Abuse It is going to happen anyway, Russia has entered in an agreement with Royal Shell to drill in Russias part of the Artic.
MN1 Champion Author Twin Cities Posts:3,364 Points:651,565 Joined:Jun 2011	Message Posted: Apr 13, 2012 3:54:08 AM Ignore MN1 Report Abuse Stating the obvious.
MidNJ Champion Author New Jersey Posts:7,559 Points:1,173,100 Joined:Sep 2009	Message Posted: Apr 13, 2012 2:56:27 AM Ignore MidNJ Report Abuse From the article; "If the world’s largest insurance market is warning companies to slow down because we are unprepared for the enormous risks of Arctic exploration, then the U.S. ought to think carefully before we encourage drilling." ????????????????? Seems to me the rationality of the quote, "Damn the torpedoes, full speed ahead!" comes into question.