Gold rush in the Arctic Region Heating-Up

Gold rush in the Arctic Region Heating-Up

After a study done by the U.S. Geological Survey in 2008, the Arctic Region is said to have a 90 billion barrels of unrecovered and undiscovered mineral gas and oil. It is one third of the world's natural mineral gas combined. It is extremely very attractive for countries near the Arctic Circle.

That's the reason why eight nations are claiming their presence in the Arctic Region namely the United States, Russia, Canada, Iceland, Denmark, Sweden, Norway and Finland. It is alarming for some to know that polar ice caps in the Arctic Region have been slowing melting. Many animals in the Polar Regions are becoming more vulnerable to extinction but for some nations, it will be a good business opportunity to explore the region once the ice caps are no longer there.

Recent reports said that military and naval activities have been intensified by the eight nations in the Arctic Region. For many years, the Arctic Region has never been explored but if the predicted melting of the polar ice caps continues, oil and natural gas might already be extracted.

Canada, which is not a diamond producing country, is now the world's third largest producer of diamonds because of its strategic location near the Arctic Region. Aside from natural mineral gas and oil, the Arctic Region boosts many undiscovered minerals as what the experts claimed.

Posted by James Fried on Tuesday July 19 2011, 3:20 AM EST. Ref: Reuters. All trademarks acknowledged. Filed under Featured News, World. Comments and Trackbacks closed. Follow responses: RSS 2.0