(photo credit: Stig Nygaard)
Russia needs more oil, and BP (remember them?) wants to help them get it… in the middle of the Arctic Ocean.
- Despite growing recognition that oil isn’t a long-term energy solution, worldwide demand for petroleum has been rising. At the same time, the world’s largest oil producer is running out of that black gold. On land, anyway.
- Drilling for oil in the Arctic carries significant dangers, both to the environment and to workers. The waters are freezing, there is little sunlight, and rescue missions will be difficult or impossible in the thick ice.
- The U.S. and Canada also have access to the oil-rich Arctic, but they both have regulations in place that limit exploration and drilling. Still, many Western oil companies like BP are eagerly piling on to the Russian project because of the opportunity for profit.
Facts & Figures
- The Arctic probably contains a fifth of the world’s natural gas and oil
- By 2035, the Siberian oil fields will produce 1 million fewer barrels of oil per day
- Drilling will begin in the Kara Sea – a former dumping ground for nuclear waste
Best Quote
“One beaten man is worth two unbeaten men.” – Russian Prime Minister Vladimir Putin, on why working with BP is a good idea even after the disastrous Deepwater Horizon oil spill
What do you think?
What should Russia do now that its biggest national export is running out? Does it make more sense to spend money on a short-term solution or a long-term one?