The United States, Canada, Russia, Norway, Denmark, Iceland, Sweden and Finland all stake a claim to a portion of the Arctic.
According to a 2008 study by the U.S. Geological Survey, The Arctic is home to approximately 90 billion barrels of undiscovered but recoverable oil.
The alarming melting of the arctic ice and the reduction in permafrost -- combined with advances in technology -- have allowed access to oil, mineral and natural gas deposits that were previously trapped in the ice.
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