Shell’s decision to suspend its Arctic operations comes after a federal appeals court ruled last week that the U.S. government had not properly assessed the risks of drilling in the Arctic before it sold leases for exploration drilling back in 2008.
Shell's ambitions to drill for oil off the coast of Alaska received another blow Wednesday, when the 9th Circuit Court of Appeals ruled that the Interior Department had failed to adequately assess the scale of oil production that could result from the 2008 sale of leases in the Chukchi Sea.
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Royal Dutch Shell includes a high carbon price when evaluating new projects. The $40 a metric ton price that Shell uses -- if widely adopted -- would reshape domestic and international energy consumption and investment trends.