CRUDE PRICES SPUR ARCTIC OIL RUSH

[Guest guest]

The fast melting Arctic region will become a " hot spot " for the next rush

for Earth's remaining oil and gas reserves, following a report from the

US Geological Survey.

The US government-led study group estimates that the Arctic offshore

holds at least 90 billion barrels of crude, 670 trillion cubic feet of gas

and 44 million barrels of natural gas liquids.

The top of the world oil and gas reserves are shared by the US, Russia,

Canada, Sweden, Norway and Greenland.

Faced with record crude prices the US Government lifted its ban on

offshore drilling - paving the way for a concerted concentration on the

Arctic's fossil reserves.

USGS geologist Gautier said Arctic reserves could hold the

biggest single share of oil of around 90 billion barrels of crude.

US oil reserves stand at 22 billion barrels with production levels at 1.6

billion barrels a year.

Proven oil reserves worldwide are 1.24 trillion barrels. While production

remains stable consumption is rising, mostly from developing countries

in Asia.

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