Nearly four months after the Trump administration sold oil leases in the Arctic National Wildlife Refuge, oil activity on federal lands remains in limbo as the new administration evaluates its policy options for the area.
With all six major U.S. banks adopting policies against financing new Arctic oil development — and now five major Canadian banks doing the same — Alaska Gov. Mike Dunleavy has announced his plan to retaliate.
Gov. Dunleavy says his administration will introduce a bill during the upcoming legislative session that would require state departments to sever their relationships with financial institutions that won’t finance oil and gas development in the Arctic.
Climate change is poised to thaw and undermine the soil beneath ConocoPhillips’ proposed Willow oil drilling project on Alaska’s North Slope, making its rigs and roads vulnerable to the same global warming the project will be aggravating.