U.S. Geological Survey Says Area North of Arctic Circle Holds 90 Billion Barrels of Oil. AP, July 24, 2008. "Some 90 billion barrels of oil and a third of the world's undiscovered natural gas lie beneath an area north of the Arctic Circle, [the U.S. Geological Survey announced Wednesday in the] largest-ever survey of the energy resources there. The [USGS]... called the region, which includes parts of the U.S., Russia and Canada, 'the largest unexplored prospective area for petroleum remaining on Earth'... [accounting]... for about a fifth of the world's recoverable oil and natural gas reserves... [or] 13% of the oil, 30% of natural gas and 20% of natural gas liquids... [That]... would supply global demand for three years... The survey did not consider the cost of overcoming obstacles to drilling, such as permanent sea ice or deep ocean waters. Melting caused by global warming has opened up some areas that were previously considered too difficult to reach. Oil companies have already spent billions to secure leases to explore some of the uncharted waters."
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