Experts Believe As Much As $35 Trillion In Untapped Oil And Natural Gas Lurks In The Arctic Circle.
In what is being described as the “New Cold War,” the U.S., Russia, and China are all angling for the greatest share of influence and control in a part of the world few can even access.
According to most energy experts, between one-fifth and one quarter of the world’s untapped oil and natural gas deposits—worth as much as $35 trillion—is at stake in this new polar race. That doesn’t count the untold wealth in gold, silver, diamonds, copper, titanium, graphite, uranium, and other valuable rare earth elements.
As polar ice retreats, those resources become increasingly within reach for exploitation. But governments aren’t the only entities moving in. Corporations are building their own seaports, mining operations, oil and gas pipelines, as well as the transportation infrastructure to keep them interconnected with the rest of the world.
Russia, which has more than half of all arctic coastline, is leading the way in Arctic development with $300 billion in projects either completed or in various states of planning or construction. Finland, Norway, the U.S., and Canada all have significant infrastructure investment planned in their respective Arctic zones.
Recently, China announced its plans for a Polar Silk Road, despite its lack of Arctic territory, and has already begun funding development projects in the region.
There’s also the matter of creating a digital polar silk road by laying communications cables over the Arctic. Many experts claim “data is the new oil,” making a faster “shipping lane” across the Arctic a potentially highly lucrative investment for the countries that take the long view on investment.
The bigger concern is that the “New Cold War” could quickly heat up militarily.
Full article: Cold War: U.S., Russia, China in Polar Race (TruNews)
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