"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 The doctrine was proposed in the 17th century and is now outdated and is not generally accepted by most countries.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.
1 comment:
As oil prices increase and the strive for green energy increases as well the need for new oil reseverves is a huge topic up for debate. The North Pole is a glacier ever moving in each direction and is shrinking as global warming increases.
As stated above, " the United States Geologic Survey estamates that 25 percent of the Earth's oil and natural gas remain under the artic floor". This is an astounding number, which has the potiental to shift the world powers of oil control. The middle east is looked upon by the world as the major oil producer. But the countries surrounding the north pole are the United States, Canada, Norway, Russia, Denmark and Greenland. Russia whould take the majority of the artic cirlce since its country holds the majority of the land.
Russia is also arguing that the Lomonosov Ridge is their property and there fore their property rights should be expanded along this ridge. On the other hand "frankley I think its a bit strange" Sergey Priamikov, the international co-operation director of Russia's Artic and Antartic Research institute of St.Petersburg. Told the papers "Canada could make excatly the same claim. The Canadians could say the Locomotive Ridge is part of the Candian Shelf, which means that Russia should in fact belong to Canada,togeather with the whole Eurasia"
Russia is trying to get an upper hand on the rest of the world for this market, drilling is tough in an enviroment such as this. But with the ice resceding at a fast pace drilling would be easier. There are still many problems in politics and the way to go about taking the oil and natural gas from the ground and transporting it. In the future, this owasis will provide a relief to the growing concerns of oil prices and depletting oil reserves.
Post a Comment