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Quartz (a new business news website, not the rock) raises a good point about oil drilling in the Arctic: It’s still much more expensive than drilling in most other places.
Little is known about the average cost of producing oil or gas in the Arctic, since none of the fields under scrutiny has been developed. But a geologist from the United States Geological Service who evaluated drilling in Greenland estimated that it would require prices of $100 to $300 a barrel and more to extract the larger volumes that are attracting company interest. That’s way above the marginal cost of existing oilfields.