The icing on the cake

Last week the Russian explorers planted their country's flag on the seabed 4,200m (14,000ft) below the North Pole to further Moscow's claims to the Arctic. When I first heard this story late in the night on BBC World Service and subsequently the Today programme on BBC radio 4, I was intrigued and equally curious as to the main objective behind the foray. I did not comment on it at all because, as is usually the case, I had a feeling that there was more to this story than met the eye.

At that time, the USA dismissed the claim with Tom Casey, spokesman for the State Department stating "I'm not sure of whether they've put a metal flag, a rubber flag or a bed sheet on the ocean floor... Either way, it doesn't have any legal standing or effect on this claim.."

The true picture that is beginning to emerge is....you guessed it. Oil and Gas. Studies have estimated that the Arctic has as much as 25 per cent of the world’s undiscovered oil and gas. According to recent reports Canada will be sending Stephen Harper, prime minister, on a three-day trek to the Arctic region.

...the Arctic contains billions of tonnes of gas and oil deposits, which could become more accessible as the ice cap that cover them begins to melt. This is happening just as their exploitation becomes more economically viable because of high hydrocarbon prices.