[E. Pluribus Unum]

"Peak Oil" zealots are deeply saddened.

[Thane_Banquo]

Russia, currently vying for the title of world's top oil producer with Saudi Arabia, claimed that new findings in its offshore Arctic territories have effectively doubled the nation’s energy reserves.

They're always in the last place you left them...

[curmudgeonII]

...representing 13 percent of the world’s undiscovered oil.

Who has any idea on how much undiscovered oil there might be?

[stylin19a]

50 Let Pobedy (“50 Years of Victory”) nuclear icebreaker

why did they need and ice-breaker...all the ice melted

[RWB Patriot]

Wonder what people will do to the green nuts when the rest of the world is swimming in oil and enjoying robust economies while the US is stuck in the stone age.

[COBOL2Java]

Seeking to allay the not inconsiderable environmental concerns about the Arctic’s fragile ecosystems Putin added, “All our plans will be carried out in compliance with the toughest environmental standards. A careful, civilized attitude to nature is a requirement of all development programs."

[snort] Yeah, right.

[runninglips]

I remember a time when the US would have claimed this area of Earth as either US controlled territory, or as a free area where no nation owns or controls it. Not anymore, we do not even defend land that is defined on maps from invasion.

[Recon Dad]

This if even remotely accurate will send chills through the middle east. OPEC is losing if not already lost its lock on pricing in the market.

With the emergence of “tight oil and gas” in the States, the sands of Canada, the African plays and major discoveries in Norway and Brazil, the biggest problem for the market is maintaining prices high enough to make it worthwhile to go after the oil.

[ConservativeDude]

I thought we were going to have to move to windmills, b/c there was no more oil?

[bjorn14]

Not only this find but Norway just found a field that may contain up to 1.8 billion barrels and the billion barrel Gulf of Mexico find too.