To the Ends of the Earth!

A lot of the people who support Big Oil are skeptical that human CO2 emissions from the burning of coal and oil could possibly change the climate. But Big Oil is about to make out like bandits because the receding arctic ice cap has uncovered a new supply of oil near the North Pole. Because the ice cap is now gone most of the summer, Shell Oil will be able to start exploratory drilling this summer.

According to an article in Scientific American (which has frequently run ads for Shell):

The US Geological Survey estimated in 2008 that the Arctic holds up to 90 billion barrels of oil — 13% of the world’s technically recoverable supply. Exploration and production is already under way on the other side of the Arctic, off Norway and Russia, for example (see The great Arctic oil race begins). Many parts of the Arctic circle are becoming ever-more accessible thanks to improved technologies and a reduction in summer sea ice because of climate change.

That 90 billion number is interesting, because the estimated world consumption of oil for 2010 is about 90 million barrels a day, according to this website and by adding up the numbers on the CIA world factbook website.

That means the entire reserve in the arctic would last the world about a thousand days, or less than three years. However, it will likely take years or decades to extract that oil, because the oil fields are remote, frigid and deep beneath the ocean. If you thought the technological challenges of drilling in the Gulf of Mexico were daunting, imagine drilling for oil when the temperature is 40 below zero and the wind is blowing 50 miles an hour. Because even though the arctic sea ice now melts almost completely in the summer, winter at the pole is still terribly harsh. And since countries like Russia, Norway, Sweden, Canada and Finland will also have claims to arctic oil the amount the United States could drill would likely last less than a single year.

Doesn't it seem a little crazy to spend that much money and risk men's lives in such a treacherous environment to extract that last little bit of oil from the ends of the earth? At this point it makes more sense to invest those resources on a renewable source that will provide us with energy for long term. We can always wait to go after that oil later, after the technology has improved.

But it makes you wonder: are Big Oil's supporters intentionally lying about global warming so they can get at that last bit of oil?