This summer companies plans to lead exploration for shale oil reserves and new offshore oil basins in the Arctic.
If explorations are successful, greater Alaskan oil production will provide needed jobs and revenue to Alaska and elsewhere. Increased domestic oil production will mean less reliance on imported oil – a consistent drain on America’s trade balance and wealth.
Although the benefits of extracting Arctic oil are large, the possible costs are substantial. A moderate-sized spill in the hazardous Arctic, an area where threatened species are concentrated, could have devastating effects on the Arctic ecosystem.
Furthermore, Climate Change is transforming the Arctic more dramatically than any other region on earth. Greenhouse gasses, created from the burning of fossil fuels, are causing temperatures to rise and sea ice to melt in the Arctic. Arctic Climate Change is contributing to global sea level rise and extreme winter weather patterns in the Northern Hemisphere.
The Arctic Climate and Energy Fact Sheet summarizes key developments in the Arctic, and discusses all aspects of Arctic energy development. It intends to broaden and enhance the cost benefit analysis of future energy production in the Arctic.