Oil Versus Climate Change: The Economics Of Drilling In The Arctic

CNBC published this video item, entitled “Oil Versus Climate Change: The Economics Of Drilling In The Arctic” – below is their description.

The Arctic is not a barren, frozen wasteland. It’s home to some of the most unique ecosystems in the world. More than this: it’s home to people. Those people are at the center of the controversy over drilling for oil in the Arctic. The Trump administration is now starting the formal process of selling leases in the Arctic National Wildlife Refuge to oil companies, according to the New York Times. The move comes after the Trump administration opened the refuge for oil drilling in August 2020. There are potentially billions of dollars in untapped oil and gas reserves in the Arctic. But, there is value in keeping the region untouched, too. The Arctic provides more than $281 billion per year in fishing, oil, mineral extraction, tourism and climate stabilization services, according to a preliminary assessment done in 2016 by environmental economist Tanya O’Garra, who worked at the Center for Research on Environmental Decisions at Columbia University at the time the research was conducted.

CNBC YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

In This Story: Donald Trump

Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor’s degree in economics from the Wharton School.

5 Recent Items: Donald Trump

  • WATCH LIVE: Former CISA director Christopher Krebs on the 2020 election, cyber threats and more
  • Presidential transition of power: Examined
  • Janet Yellen Urges Closing Wealth Gap, Boosting U.S. Standing Abroad
  • Trump May Grant Pardons to His Children, Giuliani in Final Days as President
  • Biden Closes In on Top Health Leaders as Pandemic Ravages U.S.
  • In This Story: New York Times

    The New York Times is an American newspaper based in New York City with worldwide influence and readership. Founded in 1851 and nicknamed “the Gray Lady”, the Times has long been regarded within the industry as a national “newspaper of record”.

    2 Recent Items: New York Times

  • Hong Kong Activist Joshua Wong Jailed 13.5 Months Over Protest
  • Biden will keep Trump’s China tariffs… at first
  • Leave a Comment