Administration Will Assert US Claims in The Arctic

Very interesting piece in Rigzone regarding oil prospects in the Arctic.

U.S. Secretary of State Hillary Clinton will assert her country's interest in the Arctic, where the prospects for abundant oil, gas and new trade routes has been likened to a modern-day gold rush, when she visits the region on Saturday.

As the sea ice recedes with climate change, huge oil and gas fields are adding vast amounts to global reserves, while sea passages are opening for longer periods each year and cutting thousands of kilometres off trade routes between Europe and Asia.