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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 andrinoaa on 6/1/2009 8:05:43 AM , Rating: 0
Lets see solar power!? How is this for a simple proposition which is doable with todays technology.

Wind 10%
PE cells 15%
Thermal furnace 15%
Tidal 5%
Wave 20%

Lets see, that means we only have to produce 35% of our power from dirty fuels, wow we have eliminated at least 50% of our emissions! I see a big dam as a kind of battery, fill it up at times of plenty and use hydro for times of famine. Now why hasn't anybody thought about that? And that my friends are some of the "low lying fruits " called solar power!

You naysayers have no imagination. Remember, the stone age didn't stop because of a lack of stones. Horse and buggies didn't stop because of a lack of horses.

RE: Great News
By jadeskye on 6/1/2009 8:12:30 AM , Rating: 2
I'd like to see your source for those figures. getting 20% of our power from wave generators seems highly over-estimated.

You also have to take into account that not all countries have access to such technology because of their geological placement on earth.

For instance, people that live close to the equator are going to get a lot more power from solar then those near the top of the northern or southern hemispheres.

Not all countries have shorelines to exploit for wave and tidal power. not to mention wind power, i know in the UK where i live most of the wind generators are off-shore.

I'm sorry but as much as i hate it, fossil fuels are still a nessesery evil. But i do look forward to a day, hopefully in my lifetime, that they're no longer polluting our world.

RE: Great News
By andrinoaa on 6/1/2009 8:28:55 AM , Rating: 2
Waves have a higher energy density than wind and once the wave has past the generator, it regenerates. It has been estimated that around the coast of Australia, enough energy to power the world occurs every day. Its virtually untapped, its getting very close to the cost of coal power generation, its clean and can be deployed as modular units. Waves are even more dependable than sunlight hrs. Austalia has three of the best technologies available, ready to go. 20% is not unrealistic. Wind has been estimated at no more than 10% due to its unpredictability, waves happen virtually 24hrs a day ( if positioned in a well researched place )

RE: Great News
By jadeskye on 6/1/2009 11:13:30 AM , Rating: 2
i take it back then. ^_^

Seeing how efficient they can be, i hope my island nation exploits the power offered by the atlantic ocean.

But i still maintain that oil is nessesery for now, as much as i wish it wasn't.

RE: Great News
By andrinoaa on 6/2/2009 5:16:38 AM , Rating: 2
There will still be a need for oil but by making it less desirable, we can make its price relativley stable and cheaper than by squandering the resource. As a side benefit we help the environment WIN - WIN

RE: Great News
By andrinoaa on 6/1/2009 8:33:38 AM , Rating: 2
I am not saying solar in all its forms is a total solution at the moment, for everyone or anyone. But just imagine the total contribution to DRASTICALLY reduce our dependance on fossile fuels. Surely a 50% reduction using "lowlying fruit" has to be a win win situation in the short to medium term ie the next 50yrs.

RE: Great News
By andrinoaa on 6/1/2009 9:00:10 AM , Rating: 2
Just sourced an interesting chart for you. The chart shows the kw/m of wave fronts indifferent parts of the world. In the tropics it is around 10kw/m and towards Alaska and southern tip of Sth America it goes up to 95kw/m wave front. 6_Page11.pdf

This is a HUGH amount of untapped energy.

RE: Great News
By bman on 6/1/2009 4:32:06 PM , Rating: 2
Using hydro for energy storage is old news, pumped storage is being planned in many parts of the U.S. right now. The problem is that hydro storage can not be used on all dams because of river flow regulations or if the hydro dam is of the run of river type. I am not to sure about the hydro potential of U.S. but here in Canada we have around 60% of electricity generated by hydro, now only if we doubled our nuclear generation we could have nearly all of our electricity from low carbon source

RE: Great News
By Regs on 6/1/2009 11:25:58 AM , Rating: 3
I suggest taking a modern economics course. You pull these alternatives out of thin air like they're the next coming of Christ not realizing the effects it would have on your way of life and the consequences.

RE: Great News
By andrinoaa on 6/2/2009 5:27:57 AM , Rating: 2
Yea. like what effects on "our " way of life are you talking about? I didn't pull these alternatives out of the air. They are available NOW. Open your eyes and check it out. Economics course? Well the current situation was caused by Harvard educated smart arse Layers/accountants and economists. WHO COULD DO WORSE? What I propose is low lying fruit , which in the long term is good for us in so many ways. It buys us as a species TIME. If we have time , we can develop nuclear power PROPERLY - not as a giant experimental nightmare. It buys us time to develop other sources BEFORE oil does run out.

"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
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