Huge Untapped Oil Resereves Near Alaska

1/3 of the world's untapped natural gas lies underneath the Arcitic Circle. It's technically recoverable, but it would reaching it wouldn't be an easy task.

By: WKRG Staff | WKRG
Published: July 24, 2008

» Comments | Post a Comment

WASHINGTON (AP) - The U.S. Geological Survey says some 90
billion barrels of oil and nearly a third of the world's
undiscovered natural gas sits untapped under an area north of the
Arctic Circle.
The area accounts for about a fifth of the world's undiscovered,
technically recoverable oil and natural gas reserves.
The oil is considered "technically recoverable" using existing
technology. However, the cost of overcoming obstacles to drilling,
such as permanent sea ice or deep ocean waters, isn't taken into
consideration in the report.
The USGS estimates about 84 percent of the undiscovered oil and
gas is offshore, but most of it is still close enough to land to
fall under national territorial claims.
Much of the oil is off the coast of Alaska or in Russian
provinces.