EPA Blocks Oil Drilling in Alaska There are an estimated 27 billion barrels of oil waiting to be tapped in the Arctic Ocean, off the coast of Alaska. But after spending five years and nearly $4 billion, Shell Oil Company has been forced to abandon its efforts to drill for oil in the region. (Related: 3 Inch Lizard May Shut Down Texas and New Mexico Oil and Gas Operations) With gas at $4 per gallon and higher, one might think that more oil would be a good thing. So what’s the road block? The Environmental Protection Agency. Fox News reports...