More Oil Than Thought Beneath The Arctic Ice

New findings from the U.S. Geological Survey say there's way more oil in the Arctic than we knew. This is not as fun as it sounds, as wherever oil shows, drilling follows.

This one's good news and bad bad news. Fresh data from the U.S. Geological Survey indicates the Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region. It's now estimated the Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves and 13 percent of its undiscovered oil. A team of scientists at the USGS collaborated with international researchers to conduct the first-ever comprehensive assessment of undiscovered oil and gas reserves within the Arctic Circle. Using geological analysis and probability modeling, researchers mapped out sedimentary rock deposits to estimate the amount of undiscovered oil and gas beneath undersea continental shelves. This survey, the first of its kind, could help oil and gas companies locate new troves of fossil fuels. Researchers say that deep ocean basins have relatively low petroleum potential, but the Arctic is one of the world's largest remaining areas where oil and gas are accessible. Most of the reserves are projected to be in less than 500 meters of water -- roughly a third of a mile deep. The nations with borders within the Arctic Circle are Canada, Greenland/Denmark, Norway, Russia and the United States. Although it's closer to North America, Greenland is considered part of the Kingdom of Denmark. To date none have responded officially to the new findings but when the wind is from the North you can almost hear the licking of chops. Based on the new findings, there are 40 billion to 160 billion barrels of oil north of the Arctic Circle, up from the previous estimate of 90 billion barrels. The Energy Information Administration, a division of the Department of Energy, estimates that the world currently uses 30 billion barrels of oil a year. Offshore oil exploration in the Arctic is still in its infancy, but ExxonMobil and other oil companies already have staked their claim and started drilling in the Mackenzie Delta, the Barents Sea, the Sverdrup Basin, and offshore Alaska. That's about as good as this new gets. The bad has conservationists insisting more oil and gas extraction could have dire effects on the Arctic's fragile ecosystems, especially since many of the resources are controlled by countries known to play fast and loose with international environmental laws. The assessment projects that the Arctic's vast natural gas reserves will strengthen Russia's status as the world's largest producer of natural gas and goes on to note activity in one country has the potential to affect the environment of the Arctic far beyond the country of origin.