"Who owns the Arctic Ocean and any resources that might be found beneath those waters?" The United States Geologic Survey estimates that 25 percent of the Earth's oil and natural gas remains under the arctic floor. With that knowledge a significant economic issue arises. How is it determined what countries claim the rights to those resources?
As the issue of global warming arises and the Earth heats up the resources under the arctic become more accessible. Global warming is opening up the hidden resources that remain deep under the arctic floor and opening up new fishing as well.
It was claimed in the "freedom of the seas doctrine" that the remaining of the sea was "common property", so anyone could use it. The doctrine was proposed in the 17th century and is now outdated and is not generally accepted by most countries.
As the demand for fossil fuels run high and supply is low and costly countries are searching for alternative and new ways to access fossil fuels. When countries are desperate for alternative resources and are searching for other locations to mine natural resources, the Arctic will definitely be an area of interest.
In 1982 the United Nations created a treaty known as the "Law of the Seas". Under the “Law of the Seas”, “each country receives exclusive economic rights to any natural resource that is present on or beneath the sea floor out to a distance of 230 miles beyond their natural shorelines”. Under this treaty the United States, Canada, Russia, Norway and Denmark are legally allowed to obtain any resources in the Arctic. But the United States did not agree to this Treaty, which poses a bigger issue. Once the United States agrees to this treaty, they (along with the other select countries) gain the right to obtain resources that will significantly help the demand for natural resources.