A battle for oil is happening underneath the North Pole. There is a seabed that is rife with crude oil waiting to be extracted that is in a nebulous area on the seabed directly beneath the North Pole. The area is in a zone that does not seem to be clearly defined as an area belonging to one country or the other.
The U.S. Geological Survey believes that 90 billion barrels of crude oil 30 percent of the world’s undiscovered natural gas resources are beneath the sea in this location. Because this area is so filled with resources, it stands to reason that a battle has broken out over right to it.
This battle is recent simply because of the expense required to make a profitable outpost in this area. Having employees and supplies in such a remote location has been so difficult in the past that the area was literally left abandoned. No one has bothered until recently to develop the area.
The trouble in the battle between Canada and Russia is the Exclusive Economic Zone. This zone can reach up to 200 nautical miles off a country’s coastline. Both Russia and Canada are preparing proposals for the United Nations to consider so that they can take control of the EEZ.
Russia also intends to make a proposal to the United Nations to take control of the EEZ. Until the UN comes to a conclusion, gridlock will continue underneath the Arctic. Perhaps, one day, a resolution will allow development of this area to stem concerns about reduced natural crude oil resources.