Business Books: Arctic melts, but no big "Cold Rush" for oil

OSLO (Reuters) – The Arctic is thawing fast because of global warming but a big “Cold Rush” for offshore oil and gas looks unlikely because of icebergs and high costs, a new book says.

…Oil companies are looking north but Anderson, a former editor of New Scientist magazine, shows huge problems of icebergs, waves, cold and currents that would complicate drilling as well as transport of any oil or gas to shore.

“My bet is that the oil and gas boom will be short-lived and will not go far beyond the shallow seas of Russia and perhaps some of the regions close to the Alaskan shores,” he writes.Shipping could benefit from a new short-cut route between the Atlantic and the Pacific but will also face problems from lingering ice, he writes. And cargoes such as Japanese computers might not survive long exposure to freezing temperatures.

Reuters