Record prices put Arctic oil within reach

Resources the oil industry thought would never be tapped may soon be called into play

WASHINGTON — Global warming and record high oil prices could put Arctic oil and gas into play much sooner than many people think, analysts and industry officials say.

…”Everything is now in play,” Mr. Book said. “That should give any peak oil person bad heartburn, if not outright anxiety.”


The peak oil theory is one factor in the surge in the price of oil to $120 (U.S.) per barrel and beyond. Proponents argue that global oil production is about to max out, and then fall into steep decline.

But Mr. Book said the USGS’s projection that the Arctic may contain the equivalent of 412 billion barrels of oil is an “exciting” reminder that the peak may still be a long way off.

Globe and Mail