Arctic Oil Rush?

Some people predict that about a quarter of oil and gas to be discovered in the world in the coming decades might be found in the arctic basin region. The current center of activity in this great arctic gold rush is the Barents Sea off the coast of Russia - where experts say there could be as much as the equivalent of half a trillion barrels of oil.

The paradox here is that global warming is melting much of the ice in the arctic region. Melting ice means that drilling for this oil will be much easier. More human arctic activity could spell an environmental catastrophe killing off many species and further hastening the melting of the polar ice shelf. A Canadian climate scientist recently stated that the North Pole might be ice-free this summer for the first time in history.