The Rush for Arctic Resources Begins

After the Russians planted a flag on the sea bed at the North Pole, it was inevitable that some sort of scramble for the arctic regions would commence. Now Canada is building a deep water port facility on Baffin Island.

There are two things driving this:

• It is believed that 25% of untapped oil and gas reserves are there.
• The Canadians in particular are banking on global warming to make the Northwest passage viable.