Royal Dutch Shell ended its expensive and fruitless nine-year effort to explore for oil in the Alaskan Arctic on Monday in another sign that the entire industry is trimming its ambitions in the wake of collapsing oil prices. The decision came after one well drilled by Shell this summer came up mostly dry, and environmental groups declared a major victory. But at a time when global markets are glutted with oil, it also confirmed the major oil companies’ increasing willingness to turn their backs on the most expensive new drilling prospects in the Gulf of Mexico and suspended plans for new projects in Canada’s oil sands . Shell spent more than $7 billion on its Alaska venture. The industry has cut […]