Global Warming Sparks a Scramble for Black Gold Under Retreating Ice

The biggest boom could be oil and gas. The US Geological Survey surprised some experts when it declared that a quarter of the world’s undiscovered reserves lay under the Arctic Ocean. As the ice retreats, oil companies are scrambling to open a new frontier.

..Environmental campaigners are viewing the creeping development of the Arctic with mounting concern. Norway announced last month that it will limit drilling in some areas to protect fragile ecosystems. The 31-mile exclusion zone in the Barents Sea has large supplies of fish. But the embargo expires in 2010 and drilling elsewhere is being stepped up, with the granting of 13 oil and gas licences to 17 companies.

Guardian