Interesting comment:
Ken Deffeyes, geologist and a professor of geosciences, emeritus at Princeton University, discussed the rapid depletion of crude oil. The global discovery of conventional crude oil peaked in 1964 and production peaked in 2005, according to Deffeyes.
. . .
The rapid loss of Arctic ice has led nations to lay claims to possible energy reserves under the thinning polar ice cap. Deffeyes said more than 100 deep-sea holes have been drilled elsewhere and no oil has been found. A set of special conditions are all required to produce oil and natural gas reserves and most of the planet never had all of them. There may be no significant reserves beneath the Arctic ocean.
With all the news reports of countries making competing claims in the Arctic, I just assumed that there are known oil fields beneath the ice. Apparently that’s not the case.
UPDATE: The N.Y. Times has an article on the U.S. Coast Guard is ramping up its operations in the Arctic Ocean due to the increased shipping in the region.