Despite numerous objections and countless hurdles,US administration is determined to get oil out of Arctic. In the latest in a series of reports,the US Geological Reserve has found that nearly 20% of the worlds untapped oil is beneath the ice.Translated , the area north of the Arctic Circle has an estimated 1,670 trillion cubic feet of natural gas – two-thirds the proved gas reserves of the entire Middle East.Undoubtedly , this is a substantial quantity that would certainly address the worlds growing energy demand.However , there are a host of issues that would act as hurdles in getting this oil out and easing the present price of gas. Firstly, the Arctic is a protected reserve,already on the green watch list in wake of rising global warming concerns. Any massive exploration would undoubtedly impact the already endangered ecosystem.Additionally there is also the question of ownership of these reserves.Russia , US and Denmark have staked claims over the found oil reserves further adding a political dimension to the entire situation.Given these facts , it would be nearly another decade before it is possible to even glimpse at the huge reserves. Meanwhile it would be prudent to increase focus on renewable to satisfy the present demand.
