Imperial Oil, BP in Limbo After Canada Freezes Arctic Drilling

UBC law and political science professor Michael Byers was quoted in a Bloomberg story about Arctic exploration licenses after Prime Minister Justin Trudeau announced a ban on Arctic drilling.

Byers notes that the price of Arctic exploration licenses was set in 2012 when crude oil was nearly double its current price.

“Companies have been walking away from their leases in the North American market, or seeking extensions of those leases because they can’t justify any expenditure on those leases at current pricing,” Byers said.

The story appeared in Yahoo Finance and Standard Examiner.