Posted on 07/24/2008 3:39:49 PM PDT by kellynla
NEW YORK: The race for petroleum resources above the Arctic Circle is likely to speed up in coming years, as the polar ice cap melts and access to oil and gas reserves in many other places around the world becomes more challenging.
The lure of the Arctic as oil's next big frontier was vindicated this week as a major geological survey found the region might hold as much as a fifth of the world's yet to-be-discovered oil and natural gas reserves.
Many of these new resources, according to the survey, are to be found in Russia. If true, that would cement Russia's position as one of the world's dominant energy players, particularly for natural gas, and increase its already powerful clout over Europe's energy supplies.
As the melting polar caps open up prospects that were once considered too harsh to explore, a race has begun among countries including the United States, Russia and Canada for control of these Arctic resources. The findings by the United States Geological Survey, which constitute the largest-ever survey of petroleum resources north of the Arctic Circle, could accelerate this scramble.
Last year, a Russian submarine planted an underwater flag by the North Pole, prompting other circumpolar nations, like Canada and Denmark, to raise their own territorial claims. Canada, for example, wants other states to recognize its sovereignty over the Northwest Passage, the once-mythical route that offers the fastest sea trade link between Asia and Europe.
Oil companies have long suspected the Arctic contained substantial energy resources, and have spent billions recently to get their hands on tracts for exploration. The geological agency's survey largely confirms this interest. But it suggests that most of the yet-to-be found resources are not under the North Pole but in regions that are not subject to much territorial dispute.
(Excerpt) Read more at iht.com ...
have you read
the black swan
by nicholas taleb?
Nope
Another great article, kellynla. Between you and thackney, readers here on FreeRepublic can get a great education in the energy sector.
“Another great article, kellynla. Between you and thackney, readers here on FreeRepublic can get a great education in the energy sector.”
Thanks, but thackney is the expert on energy.
I just post the news.
Nancy and Harry say we can’t drill for OIL...
LOL. OK, I'll take your word on that. But I've learned quite a bit from reading what BOTH of you guys have posted over the years!
Thank you.
Nice of you to say.
Kelly
Not sure what prompts that question. But:
Red - OK
Black - Good
Blue - Best
Green - Not partial to it.
I didn’t like the Red. Yuck
Blue’s expensive
About how much does a glass go for at a bar?
Blue?
Don't know. I only drink it at my brother-in-law's house, he is an attorney and can afford it.
My choice is the Glen Livet or Glen Morangie
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