The Race For New Resources

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The Race For New Resources

  • There are disputes over who has a right to the Arctic Region, Russia planted a flag on it in 2007 and claimed it for themselves. Although geologically linked to Russian land mass through the Siberian continental shelf, different countries own different sections of the Arctic
  • The region contains roughly 25% of the worlds unexploited oil and gas reserves and ould match Saudi Arabia's reserves (as well as diamonds and other minerals that can be found there)
  • China an India's growing demand for energy has meant the price of oil has increased, drilling the Arctic will lower it to $70 per barrell (is currently over $150) so is economically benefical
  • All these countries claim sections of the Arctic Circle: Canada, USA, Russia, Denmark, Finland, Iceland, Norway and Sweden

The environmental view

  • Oil companies have already exploited parts of Alaska and Siberia and should want to conserve the Arctic. Greenpeace have stood strong over this issue. In 2013 the Russian ship, Arctic Sunrise, moved into the area to break up the ice, members of Greenpeace landed on the ship in protest and were swiftly arrested. 
  • Another arguement points fun at the irony of how access to the Arctic is only possible because of the melting ice caps that is caused by the global warming 
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