Trump OKs oil drilling in Alaska wildlife refuge

Polar bears may have to share their home with oil drillers. The Trump administration on Monday approved oil and gas drilling in the pristine Arctic National Wildlife Refuge. That wilderness has been off-limits to drilling for decades.

A Republican bill passed three years ago allowed the refuge to be opened to oil and gas companies, but Native American groups, environmentalists and Democratic lawmakers have fought development.

Alaska’s governor and congressional delegation welcomed the move saying it would create jobs and boost economic growth. But environmentalists slammed the decision, saying it would harm wildlife and the ecosystem.

Interior Secretary David Bernhardt said oil leases could be auctioned by year end and that oil production could begin in about 8 years.

Awash in a glut of oil, oil prices have been low. But Bernhardt says potential investors don’t focus on spot energy prices in considering long-term projects.

Energy stocks fell in early trading Monday.

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