October 9th, 2012
09:06 PM ET

Shell races against time to drill in the Arctic

For a fourth straight day, gas prices in California reached a record high. A gallon of gas is 87 cents more there than the national average. The high prices are the result of a shortage. One way to bring costs down costs? Drill for more oil.

Today, Shell was doing just that - drilling into the Arctic sea floor for the first time in 20 years. The company expects to find enough oil to eventually meet one-fifth of America's needs.

It's the first major exploratory drilling plan in the U.S. since the Deepwater Horizon explosion in 2010, which is why environmental groups are pushing back. In the Arctic, Greenpeace says an oil spill like Deepwater could take two years to stop because of the thick winter ice.

So is this new round of drilling worth the risk?

Miguel Marquez is OutFront on Shell's drilling platform with the story.

Filed under: Energy
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