A decade ago, geologists estimated that 30 percent of the world’s natural gas reserves and 13 percent of its petroleum deposits were trapped beneath the ice floes of the Arctic Circle, along with rare minerals and other valuable resources. As the rising temperature melts the icebergs, not only will those resources become accessible but, as U.S. Secretary of State Mike Pompeo said in May, “Steady reductions in sea ice are opening new passageways and new opportunities for trade. This could potentially slash the time it takes to travel between Asia and the West by as much as 20 days. Arctic sea lanes could become the 21st century Suez and Panama Canals.
The primary beneficiaries of these developments will be the countries with ports on the North Sea and the Baltic Sea – in particular, Russia….
An excerpt from Haaretz