Environment
Fossil fuel corporations are poised for $7 trillion Arctic bonanza
Melting ice in the Arctic is creating new opportunities for resource extraction, leading to a potential 'gold rush' for Arctic nations and corporations.
The Arctic is estimated to hold up to 90 billion barrels of oil, 1,669 trillion cubic feet of natural gas, and 44 billion barrels of liquid natural gas, making it a highly valuable region for energy resources.
The melting Arctic ice is seen by some as a business opportunity, rather than a consequence of climate change, which has drawn criticism from environmental groups. [ more ]