Thursday, August 09, 2007
Russia has recently sent a submarine to the Arctic seabed. Today, the Prime Minister of Canada is going to the Canadian north to assert sovereingty over the region. The U.S.A., Denmark and Norway all have competing claims on the Arctic. Why the big fuss? Resources.
Estimates for ANWR, done in 1998, put technically recoverable oil at 11.8 BBO. Technology has advanced and the price of oil is much higher so that number may be higher or it is just more likely to be recovered. Without real drilling tests nobody knows what will be there. The media has claimed that 25% of the worlds oil/gas are in the Arctic.
The irony of all this is that the ice is melting because of global warming so now we can get at the oil. Using fossil fuels has created the problem and now we want more fossil fuels. Despite all the talk of efficiency and alternatives we still need/want the oil and the vicious cycle continues.