In 1968, oil was discovered in Prudhoe Bay, and the State of Alaska experienced a bonanza. The next bonanza was expected to come from the Arctic Ocean — but now, it just might not happen.
Courtesy of Shell Oil
Royal Dutch Shell invested $7 billion exploring for oil in the Arctic Ocean. President Obama took heat from environmentalists when he approved further drilling. But yesterday, the company said, "Never mind," and announced that it's leaving. Mead Treadwell is President of PT Capital, which invests in Arctic opportunities. He's a former Lieutenant Governor of Alaska.