Oil company execs: 'Watch out, polar bears, here we come!'

Arctic Melting May Lead To Expanded Oil Drilling

Ben Block – March 26, 2008 – Worldwatch Institute

More than half of the Arctic Ocean was covered in year-round ice in the mid-1980s. Today, the ice cap is much smaller. Alarming evidence of this warming trend was released last week when the U.S. National Aeronautics and Space Administration (NASA) released satellite evidence that perennial Arctic ice cover, as of February, rests on less than 30 percent of the ocean.

"The rate of sea-ice loss we're observing is much worse than even the most pessimistic projections led us to believe," says Carroll Muffett, deputy campaigns director with Greenpeace USA. For the first time in recorded history, this past summer the entire Northwest Passage between the Pacific and Atlantic oceans was ice-free, according to scientists.

In the eyes of oil and gas companies, like U.S-based Arctic Oil & Gas Corp., these open waters are potential treasure chests. As the Arctic Ocean resembles less like a gigantic ice sheet and more an ocean of frigid water, energy companies are racing to profit from the melting sea.

(More here.)