Race for the Arctic

Who owns the region's undiscovered oil and gas?

  • By:Brian Beary
  • Content Type: Report
  • Publisher: CQ Press
    • Publication year: 2008
    • Online pub date:
  • DOI: https://doi.org/10.4135/cqrglobal20080800


With oil prices soaring, revelations that the Arctic could contain up to 22 percent of the world's undiscovered oil and gas have given extra impetus to an international race to claim the region's $1 trillion in oil and other riches. Russia kick-started the race last summer when it stunned the world by planting its flag on the North Pole seabed — two miles below the Arctic Ocean. Global warming has dramatically shrunk the ice covering the ocean, raising the prospect of new, shorter transcontinental shipping routes and spurring the United States, Canada, Russia, Denmark and Norway to begin gathering data to prove they own large swaths of offshore Arctic territory. But environmentalists warn that tougher international rules are needed — possibly an Arctic treaty — ...

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles