Article: http://www.dailytech.com/Geologists+Find+90+Billion+New+Barrels+of+Oil+in+Arctic/article12481.htm
Race to claim begins
The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey. The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices . One third of the amount may lie in Alaska alone, according to the study’s authors.
The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves. Counting known deposits already surveyed, total oil and gas deposits in the Arctic are more than 410 billion barrels.
The study, known as CARA — Circum-Arctic Resource Appraisal — included only those deposits that could be tapped with current technology. Future advances would likely boost the number further. Researchers in Denmark, Greenland, Canada, and Norway contributed data to the study.
According to project chief, Donald Gautier, “The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth.”
A geopolitical scramble for the resources is beginning. Russia has taken steps to secure rights to the region, last year sending a nuclear-powered ship to map a possible undersea connection between Siberia and the North Pole. This would allow the nation a rationale to circumvent the UN 200-mile limit of offshore resource claims.
Seven other nations have claims for the area, including Norway, Sweden, Canada, and the U.S. Earlier this month, Canadian Prime Minister Stephen Harper said the nation intends to “defend” its sovereignty in the Arctic, backing up the statement with a plan to divert 8 military patrol ships to the region, along with a new deep-water port.
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The head of the Organisation of the Petroleum Exporting Countries (Opec) has said that the organisation must order a “substantial” cut in oil production when the group meets in Vienna next week. 
One commenter suggested that world crude oil production was NOT an indicator for peak oil. The suggestion was that oil producers were holding back production to drive up price and that price was the driver behind production. But a graph of oil price v production does not offer us a correlation.
Four leading petroleum industry experts discuss the major production challenges posed by peak oil. While new fields are being discovered, the steady pace of depletion, a growing world population, and diminished investment in new exploration and production point to a constrained world oil supply in the next few years. This video features Sadad al-Husseini, Jeremy Gilbert, Jeremy Leggett, and Chris Skrebowski.
Hitting “peak oil” (and then riding it all the way down) is going to be the major event in our lives. It’s going to change everything about the way we do everything, and has the potential to completely decimate what we have come to know as “civilization”.
OPEC oil ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices. (Sept. 10)
Is the oil beginning to run out? Shot over 4 years in 13 countries this film uncovers the myths surrounding the future of world oil supplies. Featuring 30 of the world’s experts on both sides of the debate, we lift the lid on the Peak Oil theory whether oil production is about to fall. We travel to the Middle East to find out how much oil they really have, exposing evidence that they may be exaggerating by up to 50%. We meet the men who believe that oil prices are about to bankrupt all of us and their evidence is terrifying: theres barely any oil left to find. We look back to the 70s, when we were first warned about this problem and we examine what can be done to prevent a global economic catastrophe. Can we escape our addiction to oil? Are we just going to deny the problem until it kills us?
This video features interviews with a number of experts who believe the world has already reached or passed maximum oil production and now we’re at the point where demand will exceed supply, forever.