Shell pulls out of the Arctic, citing lack of resource

The Polar Pioneer drill rig arrives in Dutch Harbor. (Photo by Emily Schwing, KUCB – Unalaska)
After sinking eight years and more than $8 billion into the effort, Shell Oil is pulling out of the Arctic Ocean. The company dropped the surprising news in a Sunday-night press release.
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Shell officials said the company safely drilled a well more than mile beneath the floor of the Chukchi Sea this summer. They found indications of oil and gas there, but not enou