Ironically, much of the new exploration is being made possible by global warming caused by the burning of fossil fuels; melting ice caps have opened up prospects that were once considered too harsh to explore [The New York Times].
Wednesday, November 25, 2009
There’s oil in that thar Arctic, and lots of it; that’s what the U.S. Geological Survey has to say after conducting the most comprehensive survey of the Arctic’s energy resources to date. The USGS says the polar region contains one-fifth of the world’s undiscovered oil and natural gas resources, which amounts to 90 billion barrels of oil and 1,670 trillion cubic feet of natural gas. The report is bound to fuel calls for oil companies to increase drilling in the Arctic Ocean, and is also guaranteed to spark protests from environmentalists who advocate a shift away from fossil fuels.