The Polar Dash for Oil

…Nestled to the north – maybe under Santa’s workshop – could be the solution that the oil industry has been looking for.

The U.S. Geological Survey suggests that the Arctic Circle may hold more that 25% of the world’s untapped reserves. And this number doesn’t reflect the vast unknown potential the area contains. Fact is, the Artic Circle is one of the most unexplored areas left on earth, and could very well include oil fields that would rival those drilled in the Middle East.

This hope, however, is surrounded by much controversy, not to mention the present difficulties faced in producing the oil from such harsh terrain.

Amid possible record oil reserves, certain people are worried that the Arctic’s fragile ecosystem would crumble under the rigs and drills of oil exploration.

Energy and Capital