Shell's Arctic Drilling

http://www.nytimes.com/2013/02/28/business/energy-environment/shell-suspends-arctic-drilling-for-2013.html?ref=business

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"If you want to be successful tomorrow, you need to think bottom line today." (John C. Maxwell)

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So, what was Royal Dutch Shell thinking? In an effort to drill exploratory wells off the north coast of Alaska last year, Shell suffered a series of costly and embarrassing accidents. They announced today that they would not be returning to the Arctic in 2013.

How about if they don't return to the Arctic at all?

First of all, if your goal was to prove to the people who were against you drilling in the Arctic that you really were incapable of doing it cleanly and safely, you did it. And, you've made the case that no other oil company should be allowed to drill there either - I'm not sure what that means for the Exxon/Rosneft JV that's headed there.

Here's a quote: "Our decision to pause in 2013 will give us time to ensure the readiness of all our equipment and people." Well, why weren't you ready in the first place?

Shell now acknowledges that the venture has been much more difficult than anticipated. Shell had planned to drill 10 wells in 2012 but was able to start only two. Listen to this: "Federal regulators barred the company from drilling into oil-bearing formations because it did not have adequate spill prevention and cleanup equipment available." Shell spent $4.5 billion in leases and equipment (and several years in an intensive lobbying campaign to persuade federal officials that it could drill safely) and they didn't have the appropriate equipment? Seriously, this is financially irresponsible and incompetent.

I have nothing against Shell but really?