Aug 18 2020: ANWR open for lease, not yet for business

We are not surprised that this Administration has fulfilled its promise to open the Arctic National Wildlife Refuge (ANWR) for oil & gas drilling but it will be some time before business happens there. Many banks have yielded to pressure and will not be providing funding. Oil companies see the risks and the market is not demanding it. Yes, it is bad news, but for now it is bad news on paper. This is another example of this Administration’s obsession with promoting environmental threats for the optics. That’s not to say the leases won’t lead to drilling and we are not comforted with Alaskans saying it would be done responsibly. Yet, there is still time to protect ANWR before drilling happens.