While Russia Rushes For Arctic Oil, US Environmentalists Rush for Lawyers, Judges

This is not a new story; it has been published at various sites for the past six months or so, but today I see it is on the front page of CNN.com in a prominent spot at the very top of the page. The story is about the race between the US and Russia (for the most part, but others are involved) for oil and natural gas in the Arctic.

The recession of the sea ice and the reduction in permafrost -- combined with advances in technology -- have allowed access to oil, mineral and natural gas deposits that were previously trapped in the ice.

The abundance of these valuable resources and the opportunity to exploit them has created a gold rush-like scramble in the high north, with fierce competition to determine which countries have the right to access the riches of the Arctic.

Who is interested and claims rights?

The United States, Canada, Russia, Norway, Denmark, Iceland, Sweden and Finland all stake a claim to a portion of the Arctic. These countries make up the Arctic Council, a diplomatic forum designed to mediate disputes on Arctic issues.

The article mentions nothing about environmentalists, lawyers, etc., but this single line speaks volumes (I think most folks can connect the dots):

In secret diplomatic cables published by WikiLeaks, Danish Foreign Minister Per Stieg Moeller was quoted as saying to the United States, "If you stay out, the rest of us will have more to carve up the Arctic."

My take on this: It appears that while Russia is serious about developing these energy resources, it is likely that environmentalists will prevent the US from doing so. Sounds a lot like what is going on in the Gulf of Mexico. Good news for Bakken investors.