Telis Demos recently wrote in Fortune about the chase for oil in the North Pole. The Arctic Circle could have 25% of the world's undiscovered oil and natural gas reserves. Why are these formerly undrillable areas in play now? Simply put, the polar icecaps are melting.
The Russians have taken the lead in making claims to the potential black gold bonanza. They've already claimed half the Arctic. Denmark is rolling up its sleeves. So why isn't the U.S. joining the fight? The Senate refused to ratify an obscure UN treat back in 1994 due to sovereignty issues. Oh well.
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