CHUCKCHI SEA

Oil companies just spent a record $2.7 BILLION dollars for the "right" to drill exploratory wells in the Chuckchi Sea off the northwest coast of Alaska. This is a huge amount of money, in fact, the most ever spent in Alaska
the oil companies are very confident there is a lot of recoverable oil in rocks beneath the Chuckchi Sea. It also means they think they can find it, produce it, and move it to market.