Icy Arctic rising as economic, security hot spot

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Associated Press

Posted on May 11, 2013 at 6:01 AM

Updated Saturday, May 11 at 6:01 AM

WASHINGTON (AP) — The icy Arctic is emerging as a global economic hot spot. It's one that is becoming a security concern for the U.S. as world powers jockey to tap its vast energy resources and stake out unclaimed territories.

President Barack Obama on Friday announced a new U.S. strategy for the Arctic, calling the region "an amazing place." He urged allies to protect its fragile environment and keep it free of conflict.

Diplomats from eight Arctic nations will meet next week over how to protect the thawing region as its seas open to commercial shipping traffic.

U.S. officials estimate the Arctic holds 13 percent of the world's undiscovered oil reserves, and 30 percent of undiscovered gas deposits.

That's spurred what experts describe as a kind of gold rush scramble to the Arctic.

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