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Unlocked By Melting Ice-Caps, The Great Polar Oil Rush Has Begun -- The Independent
Trillions are at stake, and the ecological risks are equally huge. Michael McCarthy reports.
It's the melting of the Arctic ice, as the climate warms, that makes it possible — and you can understand why they're all piling in. In July 2008, the US Geological Survey released the first ever publicly available estimate of the oil locked in the earth north of the Arctic Circle.
It was 90 billion barrels, representing an estimated 13 per cent of the world's undiscovered oil resources. If you're an oil company, or an oil-hungry economy, that's more than enough to make your mouth water.
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My Comment: One word sums up why we have this flurry of activity now .... oil.
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