U.S. issues Arctic drilling permit to Royal Dutch Shell The U.S. government has given Royal Dutch Shell permission to drill for oil and natural gas in the Arctic Ocean. Environmentalists say it is the wrong decision. ​Source: The Wall Street Journal​, August​ 17, 2015 Are the oil and gas reserves public​ goods, private​ goods, or common​ resources? When an oil company receives a permit to develop a particular oil​ reserve, is that oil reserve a public good or a private​ good? Will the oil company produce an inefficient quantity or an efficient​ quantity? Explain. Oil and gas reserves are​ _______. A. a private good B. a common resource C. a public good