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.
Meanwhile, a boom is under way in less-expensive drilling locales—Mozambique, French Guiana and Angola among them, where break-even production costs are less than $70 a barrel. Given that plans for this drilling stretch into the 2020s, activity in the Arctic is likely to be far in the future.