Trans-Alaska Pipeline (background). It could be in business for years to come carrying the oil predicted to exist off Alaska's coast.
The first-ever comprehensive assessment of Arctic oil and gas deposits reveals that 13% of the world’s undiscovered oil and 30% of its undiscovered natural gas could be trapped beneath the far north’s barren land and icy waters. The potential resources are unlikely to alter world trends in oil and gas trade, however, and will probably keep Russia the king of natural gas for years to come.
Because of the Arctic’s remote location and harsh environment, oil and gas exploration has been limited to just a few areas off the coasts of northern countries, such as the United States and Russia. But dwindling oil reserves (expected to peak in production by about 2020), waning opportunities for exploration elsewhere, and the melting of sea ice have recently made the Arctic a more attractive option. But just how much does the Arctic have to offer?
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