Shell Cancels 2011 Arctic Drilling Plans

NY Times reports that Shell PLC is postponing plans to drill for oil this summer in seas off Alaska, citing continued uncertainty over whether it would receive federal permits.

The market news is quoted as saying:

Shell CEO Peter Voser in an earnings call with reporters said the company would need to spend as much as $150 million without knowing whether it would receive needed permits from U.S. EPA and the Interior Department.

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