While Al Gore scared the crap out of us with tales of Greenland’s prodigious ice sheet falling into the sea, turns out the news isn’t all bad if you are in the oil business. According to The Age, Greenland’s oil ministry believes there is a 50 billion barrel bonanza beneath the ice and global warming is going to help them get it.
”If the ice in west Greenland continues to melt as dramatically as it has been doing in the past few years, then the cost of producing a barrel of oil will be closer to $20 than $50,” said Joern Skov Nielsen, deputy director of Greenland’s Bureau of Minerals and Petroleum.
And with oil futures trading at $139 a barrel it seems inevitable that oil companies will soon be drilling. Indeed Chevron, Exxon Mobil and Husky Energy are already testing for the juiciest spots.
The take could be worth more than $5 trillion to Greenland’s 56,000 inhabitants. Time to get dual citizenship.
originally posted by:http://eco-beat.com