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A color-coded map of undiscovered Arctic oil deposits. Darker areas of green indicate more oil.
Race to claim begins

The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey.   The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices.  One third of the amount may lie in Alaska alone, according to the study's authors.

The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves.  Counting known deposits already surveyed, total oil and gas deposits in the Arctic are more than 410 billion barrels.

The study, known as CARA -- Circum-Arctic Resource Appraisal -- included only those deposits that could be tapped with current technology.  Future advances would likely boost the number further.  Researchers in Denmark, Greenland, Canada, and Norway contributed data to the study.

According to project chief, Donald Gautier, "The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth."

A geopolitical scramble for the resources is beginning.  Russia has taken steps to secure rights to the region, last year sending a nuclear-powered ship to map a possible undersea connection between Siberia and the North Pole.  This would allow the nation a rationale to circumvent the UN 200-mile limit of offshore resource claims. 

Seven other nations have claims for the area, including Norway, Sweden, Canada, and the U.S.  Earlier this month, Canadian Prime Minister Stephen Harper said the nation intends to "defend" its sovereignty in the Arctic, backing up the statement with a plan to divert 8 military patrol ships to the region, along with a new deep-water port.


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Greetings Dr. Falken
By puckalicious on 7/24/2008 12:16:35 PM , Rating: 5
"Shall we play a game?"

"Global thermonuclear war."

"A strange game. The only winning move is not to play. How about a nice game of chess?"

Or, how about we invest our time/money in renewable resources for long term prosperity instead of throwing away everything we have for the short term gain?




RE: Greetings Dr. Falken
By michal1980 on 7/24/08, Rating: -1
RE: Greetings Dr. Falken
By vapore0n on 7/24/2008 12:40:29 PM , Rating: 5
I think he is saying:

instead of eating all the bread in front of you, just use as much as you really need and try and find another source for food.


RE: Greetings Dr. Falken
By danrien on 7/24/2008 12:52:51 PM , Rating: 2
exactly. while americans have had very unhealthy diets for a long time, that hasn't stopped researchers from looking for new ways to make healthy foods. they didn't tell people to stop eating, but they did say give us some money so we can figure out how to make just as tasty food that won't give you a heart attack in 30 years. the present energy situation is the exact same in that respect, and is why research into resources not so easily depleted is so important.


RE: Greetings Dr. Falken
By xsilver on 7/24/08, Rating: 0
RE: Greetings Dr. Falken
By Spuke on 7/24/2008 3:02:07 PM , Rating: 5
quote:
It might not be the same for energy but even if 1 in 10 people think like this then we're in trouble.
Regular people don't engage in these types of discussions. They're too busy living. Life must be good if we're able to have these discussions though. That means we're not worried about where our next meal is coming from or where we'll sleep tonight.

I'm actually happy that we aren't the one's in charge. I'm glad the one's doing most of the buying, decision making, etc are just regular people. Sure, it may not make for the best decisions but I'd rather have it this way then to have the more radical (us geeks) in charge. Thank God for the tyranny of the majority!


RE: Greetings Dr. Falken
By Jim28 on 7/25/08, Rating: -1
RE: Greetings Dr. Falken
By Ammohunt on 7/24/08, Rating: -1
RE: Greetings Dr. Falken
By BruceLeet on 7/24/08, Rating: -1
RE: Greetings Dr. Falken
By kenferg1 on 7/24/2008 8:59:50 PM , Rating: 5
I find it odd that Europeans are quick to condem Americans for oil gluteny. After all, European economies are as oil bound as any. I also find it rather interesting that Europeans are virtual silent on fossil fuel consumption by China, India, and other previously third-world nations.

Do you really think that China is going to give up oil as well as the wealth and power that it builds? Do you think India and China will accept or abide by any accords that limit their production of the trace gas CO2? The Asian giant is awakening and the Indian subcontinent will not be denied. They want what the West has had for the past 150 years: economic progress, a seat in world politics, and military power to back both.

So, while I whole heartily agree that a search for alternative energy supplies is not only smart but a moral imperative, I also acknowledge the fact that right now oil is what drives the world economy. To deny drilling for a resource that is necessary today, would be to deny the economic prosperity and technological gains that will one day make oil obsolete.


RE: Greetings Dr. Falken
By danielg001 on 7/24/2008 11:13:01 PM , Rating: 4
Europeans find it odd that Americans are yelling and screaming bloody murder over gas prices. Your petrol is about twice as cheap as it is in Europe. Its truly bizarre to to watch. Sort of like someone earning 20k watching someone earning 40k saying that the sky is falling.
The current problem with America, imho, is based around the old saying "to someone with a hammer, every problem looks like a nail".
BRIC (Brazil, Russia, India, China ) all these countries are on the way up. You can thank the aggressively US pushed free trade for that. While its true the US has the only military that can sit around and consider how to stop this, it really isn’t a solution, its only a possible action. The big issue is that, there is no answer, you can drill and drill all you like, but all the easy oil is gone, even if there is some mysterious deposits we find, its only a delay, its not a solution. "Just because we haven't hit the ground doesn't mean we aren't falling". If you look in the cupboard and see 10 cans of food left, do you blame your house mates you have to share with... or find more food? If there truely was no more food ( alternate energy), that is one thing. However, I’m not sure who would deny alternate energy is available.. its only that its much harder to get. But of course, remembering how good things were doesn’t make things in the future any better :)
America is the one country that has the finances to do something, almost any problem America could solve (or at least give it the best shot any country could hope). However, too much rhetoric is used to gain politic support, its poisoned the minds of the public. Its too easy to blame someone else, if you can point your finger at something and say thats the problem... hey thats easy, anyone can sell that. However, going back and saying.. wait... this isnt the whole issue, we also have to go back and change. That is suicide.
Europe is good in the sense that the power is much less controlled, you don't find the EU going down such dramatically routes because each country can parry against each other to balance the point of view, no country leader commits political suicide by going against another country (which in America is the accepted wisdom), its the benefit of localized propaganda, you don’t have the whole EU being sold on one idea.
However, its also a weakness, when a good idea comes around, its almost impossible to execute it like America could. Even with 100% support, the EU doesn’t have the same sort of money available. The US could sink 1 trillion dollars into some idea per year if required, and they have the infrastructure and talent to use it. Not like the Mideast or BRIC when they get money, but have to outsource everything because they don’t have the infrastructure or talent.
How you can turn the country into supporting such a bold investment, which tacitly admits the country is in big, big trouble, I have no idea. I wish people could stop being so polarized by opinion. Is peak oil real? Is global warming real? From what I read, I don’t see how it can be false. However, I don’t care if its false, its great if its false. I just don’t get what people who are devoted to it being false have to gain? You are right and we are fucked or you are wrong and we aren’t? It makes no sense to me, sit on the fence, reserve judgement. That takes a lot more balls than choosing some position they think makes them right. You just have nothing to gain by being against it... more pollution at the least, is that something to be proud of? Best case scenario is we aren’t fucked? Seems weird to me *shrugs*... but im happy to hear it proved wrong, honestly. IMO, that’s the best position to have, but vigorous debate on the issues is very important, just don’t let it devolve to insults and yelling.


RE: Greetings Dr. Falken
By NullSubroutine on 7/25/2008 6:39:20 AM , Rating: 5
Your price of fuel is also increased by the taxes that pay for things like health care and I think education. You cannot look at both prices in a vacuum and say 'oh bloody hell they are a bunch of whiners'.

Both Europe and the US have an economy and financial sector setup on a certain price of things, regardless of the disparity between other countries. Wages, income, prices for products, etc all are dynamic as in they are based on the costs of other things. Yet, they are rather static when looking at a traditional long term trend of gradual increase (inflation).

However, when you introduce a certain market which is a backbone the economy like gas (you need oil for everything) this unbalances and disrupts the homeostasis of the (our) country. Gas prices doubling in such a short period in time has made it so many cannot afford transportation - and not everywhere is there public transportation. There are many places in the rural areas of the US where citizens make the lowest median wage and have to drive 80 miles a day to get to work. Add in the fact these individuals can't afford hybrid cars or newer cars that can get 30-50MPG(US gallon) on the highway. What you have people barely able to make ends meet just by the increase of 1 commodity.


RE: Greetings Dr. Falken
By clovell on 7/25/2008 11:23:44 AM , Rating: 5
Bear in mind the following:

Domestic oil production in the US crashed two decades ago.
There are large reserves that are untouched in the US.
The percentage of oil imported into the US has almost tripled in the last three decades.
There hasn't been a new refinery built in the US since I've been alive.

Americans scream bloody murder over gas prices not because they're high - they scream bloody murder over gas prices because they're high and we can do something about that problem, but aren't.


RE: Greetings Dr. Falken
By BZDTemp on 7/25/08, Rating: 0
RE: Greetings Dr. Falken
By masher2 (blog) on 7/25/2008 9:23:16 AM , Rating: 4
> "The US is using twice the amount of energy per capita than any other industrialized nation "

Eh? Many nations have a higher per-capita energy usage than the US. Canada, for one, along with Iceland, Luxembourg, Bahrain, Kuwait, and a few others.


RE: Greetings Dr. Falken
By Jim28 on 7/25/2008 11:08:32 PM , Rating: 2
We are also the largest, most populated, most developed, and most wealthy first world country. (Canada is bigger landwise but not population.)

What would the EU be in a similar situation? Most like the same. If cars and fuel were not taxed to death in the EU more people would have cars and the situtation would be very similar on a per capita basis.


RE: Greetings Dr. Falken
By fibreoptik on 7/25/2008 8:44:11 AM , Rating: 2
umm I think you meant "whole heartedly" rather than "whole heartily".


RE: Greetings Dr. Falken
By plinkplonk on 7/26/08, Rating: -1