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Wolfeymole
26-07-2008, 05:48 PM
90 Billion barrels of OIL found in the Arctic

Race to claim begins


The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey. The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices. One third of the amount may lie in Alaska alone, according to the study's authors.

The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves. Counting known deposits already surveyed, total oil and gas deposits in the Arctic are more than 410 billion barrels.

A geopolitical scramble for the resources is beginning. Russia has taken steps to secure rights to the region, last year sending a nuclear-powered ship to map a possible undersea connection between Siberia and the North Pole.

This would allow the nation a rationale to circumvent the UN 200-mile limit of offshore resource claims.
Seven other nations have claims for the area, including Norway, Sweden, Canada, and the U.S.

Earlier this month, Canadian Prime Minister Stephen Harper said the nation intends to "defend" its sovereignty in the Arctic, backing up the statement with a plan to divert 8 military patrol ships to the region, along with a new deep-water port.



Sourced from Daily Tech (http://www.dailytech.com/Geologists+Find+90+Billion+New+Barrels+of+Oil+in+A rctic/article12481.htm)


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Shares in some Snow anyone? :D

Seth
26-07-2008, 10:07 PM
Oh great.

Now the US is going to invade Canada:D.

petef
27-07-2008, 04:08 AM
Oh great.

Now the US is going to invade Canada:D.

I don't think you have to worry about that.
Over time the US borders between Canada and Mexico will slowly
disolve and one day Mexico, USA and Canada will become one
region. No more USA, or Mexico or Canada, just one happy
family. By that time, the idea of an engine run on fossil fuels
will be obsolete. Hehehe :)

---pete---

Seth
27-07-2008, 04:17 AM
By that time, the idea of an engine run on fossil fuels
will be obsolete. Hehehe :)

---pete---

That's why the oil companies are gouging us right now. They're trying to squeeze everything they can out of us before their industry goes belly up.

Our taxes will go up big time as well, as governments will have to make up for lost fuel taxes.

petef
27-07-2008, 11:24 AM
That's why the oil companies are gouging us right now. They're trying to squeeze everything they can out of us before their industry goes belly up.


I was thinking something similar. There is a reason why the price of oil
and gasoline have skyrocketed recently and it goes far beyond simple
supply and demand economics.

It could very well be be that there are a limited number of years reaming
in the fossil fuel business so they are increasing their profits now by raising
prices in anticipation of a dropoff of demand/sales in the near future.
It's possible that the issues of global warming, alternative fuels, and
alternatives to the combustion engine will drive down the demand for
oil in the near future.

It's also possible that governments of the most powerful nations are
well aware of this need to change so they allow things to happen that
will eventually lead the people and businesses to accept change and
voluntarilly comply.

For example, if you allow the price of gasoline to skyrocket, people
will change their mindset about the vehicles they drive and many may
even abandon the concept of single passenger vehicles and opt for
public transportation. The high price of gasoline has the power to
change so many things including how people shop and where they
choose to live in relation to their places of employment.

See, by allowing the price of gasoline to remian high you can effect
change much easier than if you tried to make the same changes
by issuing new laws. The people would rebel if you tried to make
the same changes by taxing them or limiting them with new laws.

With all that said, be prepared for high gasoline prices for many
years to come. We need to seek alternatives that would set us
aside from the masses and that may enable us to find some
economic relief.

---pete---

Wolfeymole
27-07-2008, 11:31 AM
Supply and Demand?

Quantity theory of money - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Quantity_theory_of_money)