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shell announcing it ending oil exploration in arctic waters off the coast of Alaska for the foreseeable future , the company which sank culture seven billion dollars in pursuit of oil and gas in the far north to the high content unpredictable government regulation made the project unfeasible shell account indications of oil and gas in the burger Jamie well but these are not sufficient to warrant further exploration in the burger prospect , the company said Monday US oil prices are down your forty five dollars a barrel Monday down from over ninety dollars a year ago , a glut of crude from U. S. fracking boom and worries about an economic slowdown in China and emerging markets driving down prices and cutting deeply into the budget for new exploration Greenpeace celebrating Michelle announcement environmental group tried to interrupt shell drilling plans by blocking a rigs trip north , first by dangling from a bridge and later by swarming it was correct , Greenpeace executive director John Sullivan on Monday saying quote they had a budget of billion we had a movement of millions , three years we face them down and the people one , shell says it's still open to arctic drilling the US Geological Survey estimates the region hold thirty percent of the world's undiscovered natural gas and thirteen percent of its oil