Tuesday, August 14, 2007

Ever the Optimists…Apparently the Glass IS Half Full!

It seems that while we mere mortals argue over the existence of global warming, the US government and several corporations have been watching it firsthand and, quietly staking out claims to the vast Artic lands that are being exposed by the rapidly melting ice cap. As early as 2003 the State Department, US Navy, Coast Guard and the Minerals Management Service have been scanning the Artic seabed and mapping out potential territories in anticipation of tapping into the estimated $1.3 TRILLION worth of resources hidden under the melting ice pack. Included in these resources are over $650 billion in oil on the Alaskan shelf alone, (an estimated 1/5 of all undiscovered oil is in the Artic), billions of tons of natural gas and countless diamonds and other stones and minerals. All waiting for the myriad of companies chomping at the bit to leave their mark on the previously untouched Artic wonderland.

Recently Russia, in a daring, symbolic show of their own intention to grab the riches, sent a submarine to the North Pole to “plant” a Russian flag on the ocean floor proclaiming much of the land as their own.

In anticipation of global climate change and the land rush of this new “last frontier,” Citigroup, Lehman Brothers and UBS have recently drafted reports on how savvy investors can profit in such a climate (no pun intended) by highlighting investment opportunities at 74 companies, in 21 different industries, in 18 different countries. Of the six natural gas producing nations that they mention, four (Russia, Canada, Norway and the US), are all laying claims to the rich oil and gas fields of the Artic.

I suspect that the ice cap can’t melt fast enough for these countries and companies……..

3 comments:

Anonymous said...

I'm curious as to what kind of saber rattling/arm twisting the US will do to impose its will on the other countries. we don't have a lot of allies in the world right now, it would be nice to keep Canada, Norway and even Russia friendly.

Anonymous said...

Yeah, but if they can help create a crisis, when the time comes, they can market and sell us some sort of solution.

No idea what that could possibly be, but I'm sure something is in the works.

Anonymous said...

Good point Brent. Canada is already devising plans do do this with fresh water.

(Canada has access to about 20% of the Earth's fresh water and unlike the US, they are not selling the rights off to foreign governments and companies).

And although the US and Canadian Navies (yes, Caanada does have a Navy) have "increased operations" in the area (presumably in anticipation of a possible future confrontation), hopefully the US will be civil and not just storm in and take what we want under the euphemism of "national interests."