Europe’s Arctic Oil Dilemma Deepens as Supply Fears Grow

A dozen financial institutions from Scandinavia have urged the European Commission to remain firm in its opposition to Arctic oil drilling even as the bloc faces physical oil shortages in weeks, according to energy experts. “The Arctic is one of the planet's most vulnerable ecosystems and home to unique wildlife .... Further oil and gas expansion would add pressure to these globally significant ecosystems, by increasing the risk of oil spills and leakages,” the lenders said in a letter organized