Ann e-mails to bring our attention to a story from The Week Magazine on the North Pole being up for grabs:
Who stands to gain?
The melting ice cap represents a colossal commercial opportunity. Russian icebreakers are already preparing to take tourists to the Pole for $30,000 each this summer, and the thaw could open up some highly lucrative shipping routes. A northeast sea route, north of Siberia, would allow shipping to sail from Europe to northeast Asia, cutting the journey by a third; and the fabled Northwest Passage through Canada's Arctic archipelago could be open to shipping in a few decades, cutting the journey from Europe to East Asia (now routed through the Panama Canal) by 4,000 miles. The greatest profits, however, are likely to be found under the ice.
What is being discovered there?
Oil and natural gas. A quarter of the world's untapped fossil fuels (including 375 billion barrels of oil) are thought to lie under the Arctic, and will become accessible as the ice melts. Industry experts now talk of a "black gold rush," as companies such as BP Amoco, Statoil of Norway, and the Russian giant Gasprom all race to tap already discovered reservoirs in the region. The Arctic, says Moscow-based energy analyst Christopher Weafer, "is the next energy frontier."
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