WASHINGTON — The Bush administration is worried about missing out on a bonanza of oil and other resources in the Arctic unless Congress approves a treaty that helps determine who has rights to the area's wealth.
Arctic sea ice has decreased nearly 20% in the last two decades as the Earth's climate warms, making access to the area easier. The eight countries bordering the region, including the USA, are now staking competing claims.
The U.S. Geological Survey estimates that the Arctic seabed and subsoil hold as much as 25% of the world's undiscovered oil and gas. Other resources such as nickel and diamonds also are present.
The melting ice also has led to increased traffic from ships seeking a shorter route between Europe, Asia and the Western Hemisphere.
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WASHINGTON — The Bush administration is worried about missing out on a bonanza of oil and other resources in the Arctic unless Congress approves a treaty that helps determine who has rights to the area's wealth.
