Wednesday, July 23, 2008

Arctic May Hold 90 Billion Barrels of Oil, U.S. Says

Ladies and Gentleman, let me introduce you to the beginning of WWIII between Russia, China and the USA. No, it has nothing to do with Israel or Islam (I am sorry to disappoint the religion hating leftists), it has to do with THE OIL IN THE ARCTIC.

The Russian media mentioned that WWIII will start over the oil in the Arctic, but I am having trouble finding this article, so either it was removed or I need glasses.

I have blogged this many times before and it is just another piece of the puzzle folks.....

July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Energy producers such as Royal Dutch Shell Plc and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.

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