Arctic Could Contain 400 Billion Barrels of Oil

It is still very early and we can't know yet if they are right, but Las Vegas-based Arctic Oil & Gas has announced that new geological data on the Arctic Ocean suggests the presence of 400 billion barrels of oil. To put that in perspective, Saudi Arabia's Ghawar, the biggest conventional oil field in the world, has been estimated to contain about 170 billion barrels of oil. So even if they are half right, that's a lot of oil.

"Arctic Oil & Gas cites recent scientific evidence that huge, floating mats of azolla - a prehistoric fern believed to have covered much of the Arctic Ocean during a planetary hothouse era about 55 million years ago - decomposed soon after the age of the dinosaurs and exist today as "vast hydrocarbon resources" trapped in layers of rock below the polar ice cap."

This will ruin the day of those who still believe we'll run out of oil before we can screw up the climate.

True, we're running out of cheap oil, and higher prices mean that it is now easier for clean technology to undercut, and eventually replace, oil. But we have to hurry, because it's not just oil. Coal is still plentiful and cheap.

Update: Unfortunately, this is not a joke. If you don't trust us today, follow the source link below.

::Vast oil potential in Arctic, new data says

See also: ::In Harpers Magazine: The Battle for the Melting North, ::Arctic Ice Cap Could be Gone by the Summer

Tags: Energy

Best of TreeHugger 2014

WHAT'S HOT ON FACEBOOK