Gallery: Is the Arctic About to be Ravaged in a Search for Oil and Othe...

 

The Arctic has long been described as a goldmine of untapped resources, and in recent years it has been the site for some international chest-thumping and the attempted claiming of rights. But given what lies beneath, it is not hard to understand why. According to the US Geological Survey, the Arctic potentially holds an estimated 90 billion barrels of oil (13% of the world’s recoverable oil reserves), up to 50 trillion cubic metres of natural gas (about 30% of the world’s natural gas reserves), and 44 billion barrels of natural gas liquids – not to mention assorted precious metals and minerals. As a result, the race is on for various countries to exploit these reserves. However, rightfully so, scientists are worried about the environmental damage that could be unleashed on the region.

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