Big Potential in Arctic for Oil, Gas

Arctic Contains Big Supply Of Oil, Natural Gas, Review Finds The Arctic contains just over a fifth of the world's undiscovered, recoverable oil and natural gas resources, according to a long-awaited review released Wednesday, confirming its potential as Big Oil's final frontier. A report by the U.S. Geological Survey found that the area north of the Arctic Circle has an estimated 90 billion barrels of crude oil and 1,670 trillion cubic feet of natural gas – more than the proved oil and gas reserves of Russia, the world's no. 2 crude producer after Saudi Arabia. The report, the culmination of four years of study, is one of the most... [read full story]