Territorial disputes seem like the matters that the kings of old had to deal with, not advanced nation states. Unfortunately, today Canada, Russia, the United States, Finland, and Iceland, to name a few, are poised to participate in a territorial dispute over the thawing Arctic Circle. As the temperature rises and the ice predictably melts resources once not accessible are becoming feasible for recovery. The United States Geographical Survey estimates that there is a treasure trove of fossil fuels up for the offering in the Arctic Circle.
The estimates are that 90 billion barrels of oil, 44 billion barrels of natural gas liquids and trillions of cubic feet of natural gas are recoverable. With the vast amounts of natural resources available in the Arctic Circle it is no wonder that so many nations are laying claim to the region. Well, at least it is no wonder why Russia is, they want to create a cartel over natural gas and support their ever growing ambition. The United States on the other hand should steer clear of the dispute or support one of our allies like Canada.
90 billion barrels of oil would only satisfy America’s thirst for a conservative estimate of 11 years. Strategically and economically this is not a solution to our problems. Besides we all know that corporate America will not use those resources for just our domestic needs, nor will the United States, in even the best diplomatic scenario, gain access to all 90 billion barrels. No, our best bet is still to seek alternative fuels. Even when oil is below $50 a barrel we have no choice but to seek alternatives to save our economy.
We can stick it to Russia by supporting Canada’s claims while proactively seeking alternatives. We take what is, without dispute, ours and help Canada or another ally as much as we can lay claim to as much of the resources as possible. Russia should be cutoff where we can prevent them from accessing the resources. Canada will happily sell us oil from the Arctic. Canada is a much better destination for our money than the Middle East. That is the best political, economical, and strategic plan for the United States.
