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A melting Arctic could be good news for mankind, according to a new study.  (Source: SciAddict)

An earlier map of the USGS estimates of untapped Arctic gas reserves. Brighter areas indicate more gas.  (Source: USGS)

A similar map shows oil reserves, here the darker regions represent regions more rich in probable oil deposits.  (Source: USGS)
New study shows yet another potential benefit of a warmer planet

A new study adds to growing evidence that the current warming cycle may hold potential benefits to mankind.  According to a study by the U.S. Geological Survey, earlier estimates which placed untapped Arctic oil reserves at as much as 90 billion barrels actually fell short -- the Arctic may in fact hold as many as 160 billion barrels of oil.  The new discovery amounts to over 35 years in US foreign oil imports or 5 years’ worth of global oil consumption.   Canada, Greenland/Denmark, Norway, Russia and the United States, all of which border the Arctic Circle are racing to compete for the untapped resource.

The oil reserves could fetch a price of $10.6 trillion dollars at current oil prices.  Most of the reserves are in shallow waters -- less than 500 meters (about 1/3rd of a mile) -- making extraction relatively easy.  Geologist Donald Gautier comments, "It would not mean that there would be any kind of a significant shift in global oil balance.  But this is especially significant for the Arctic nations."

Oil companies are already racing to pinpoint deposits and begin to tap this bountiful resource.  Exxon Mobil and several others have staked claims and began drilling in the Mackenzie Delta, the Barents Sea, the Sverdrup Basin, and offshore Alaska.   According to Alan Jeffers, a spokesperson for Exxon Mobil, "It makes sense to diversify sources of oil and gas, given that the U.S. is one of the biggest consumers of oil and gas."

As rich as the Arctic may be in oil, it may hold even more natural gas.  While the geologists estimate 13 percent of the world's undiscovered oil lies in the region, they also estimate that the region holds 30 percent of the planet's undiscovered natural gas reserves.  Natural gas harvested in the region could be used for a variety of purposes including home heating and power generation.

The discoveries are part of an ongoing USGS study CARA -- Circum-Arctic Resource Appraisal.  The study is the first of its kind as researchers are using advanced geological analysis and probability modeling to estimate the reserves held in the Arctic shelves.  While probabilistic models come with a degree of uncertainty, this multidiscipline approach is yielding exciting results and has already led to the discovery of several major deposits.

Despite the potential gains to economic and national security gains that could come from tapping this resource, environmentalists are seeking to block oil companies from drilling in the region, complaining it will release arsenic, mercury and lead into the ocean waters.  All of these compounds naturally occur in low quantities in sea water.  Activist Lisa Speer, Director of the International Oceans Program at the Natural Resources Defense Council, in a interview adds, "We need uniform, mandatory standards governing offshore oil and gas activity in the Arctic because activity in one country has the potential to affect the environment of the Arctic far beyond the country of origin."

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RE: Great News
By biggsjm on 6/1/2009 7:37:47 AM , Rating: 0
You really have drunk the kool-aid haven't you?

Well, why you are waiting for your government check, bailout, or federally funded mcguffin (read health-care) other countries will suck that region dry.

Buy hey, you'll at least feel good about having done your part in "saving the planet" right?

Same situation in the Gulf of Mexico. People complain about how we will destroy the Gulf if we drill, but Cuba and Mexico have been doing that for years. That's not to say that we couldn't drill in a manner that protects the environment, or even assist other Countries do the same.

Keep drinking that kool-aid and let's let the Gov't keep writing checks against the Bank of China (heck, Geithner's over there today trying to re-assure the Chinese today). I'm sure the fact that the Chinese own $768 B of our debt won't ever be an issue.

RE: Great News
By InfantryRocks on 6/1/2009 7:44:01 AM , Rating: 4
What are you talking about? I want to drill in every crevice there is. If they need to set up shop in my backyard they're welcome to. This country's stance on drilling and refining oil is unbelievably stupid. We need to drill here and now.

If anyone thinks I'm trying to "save the planet" in the traditional enviro-whacko sense, then I obviously didn't convey my meaning.

RE: Great News
By andrinoaa on 6/1/2009 8:18:29 AM , Rating: 4
There are some good arguements for NOT drilling every last drop of oil. All of them have to do with long term strategies. Wars, pollution, economic blackmail and economic efficiency. These are all long term strategies. The longer we are tied to oil, the bigger the crunch when we have to move away from it. Sure short term we hurt, but ultimate freedom requires some longterm planning, it doesn't just happen.
As for you gratuitous remark about enviro-whackos, what science degree do you have and what field have you studied/worked in?

RE: Great News
By just4U on 6/1/2009 10:12:20 AM , Rating: 1

If Al Gore can win a nobel prize for his work without so much as a handyman's knowledge of science that pretty much makes everyone a expert.. credentials be damned!

RE: Great News
By Regs on 6/1/2009 10:45:17 AM , Rating: 2
Proximo: He knows to well how to manipulate the mob.

Maximus: Marcus Aurelius had a dream that was Rome, Proximo. That is not it. That is not it!

Proximo: Marcus Aurelius is dead, Maximus. We mortals are but shadows and dust. Shadows and dust, Maximus!

RE: Great News
By InfantryRocks on 6/1/2009 12:05:13 PM , Rating: 2
First off, get bent on your grand search for credentials. I have a functioning brain. That's more than can be said for a hell of a lot of the U.S. population, ESPECIALLY when it comes to energy policy.

Secondly, I'll be more than happy to support moving away from oil as an energy source just as soon as we get cars, jets, and trains that can run off of wood chips. Until that happens, oil is about the best we got.

By all means, keep researching, but let's stop putting the cart before the horse, shall we?

RE: Great News
By andrinoaa on 6/2/2009 5:42:07 AM , Rating: 2
My point being, the scientists who spend a life time looking at the facts and the trends have spoken as a majority and said "Houston, we have a problem". Now I know who I am going to beleive MORE! To just chant this stupid mantra that people who have taken notice are enviro-whackos is PLAIN STUPID. Sure some people take it to extreemes, but to suggest anybody who has a concern is a whacko, I repeat is PLAIN STUPID. Now if you are not a scientist or haven't spent a life studying these things, what gives you the right to chant rabid mantras and present them as facts. All it does is create static. By all means give us your opinion, fine I can handle that. Present facts and I can deal with that too. There is nothing personal. I can even state that there is a small chance the scientists are wrong. But the same scientific principles that give us our modern life style are pretty hard to refute. You can't half beleive in science.

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