As Polar Ice Turns to Water, Greedy Eyes Get Big!

[G_j]

http://www.nytimes.com/2005/10/10/science/10arctic.html?th=&emc=th&pagewanted=print

October 10, 2005

As Polar Ice Turns to Water, Dreams of Treasure Abound

By CLIFFORD KRAUSS, STEVEN LEE MYERS, ANDREW C. REVKIN and SIMON ROMERO

CHURCHILL, Manitoba - It seems harsh to say that bad news for polar bears is good for Pat Broe. Mr. Broe, a Denver entrepreneur, is no more to blame than anyone else for a meltdown at the top of the world that threatens Arctic mammals and ancient traditions and lends credibility to dark visions of global warming.

Still, the newest study of the Arctic ice cap - finding that it faded this summer to its smallest size ever recorded - is beginning to make Mr. Broe look like a visionary for buying this derelict Hudson Bay port from the Canadian government in 1997. Especially at the price he paid: about $7.

By Mr. Broe's calculations, Churchill could bring in as much as $100 million a year as a port on Arctic shipping lanes shorter by thousands of miles than routes to the south, and traffic would only increase as the retreat of ice in the region clears the way for a longer shipping season.

With major companies and nations large and small adopting similar logic, the Arctic is undergoing nothing less than a great rush for virgin territory and natural resources worth hundreds of billions of dollars. Even before the polar ice began shrinking more each summer, countries were pushing into the frigid Barents Sea, lured by undersea oil and gas fields and emboldened by advances in technology. But now, as thinning ice stands to simplify construction of drilling rigs, exploration is likely to move even farther north.

<snip>
The polar thaw is also starting to unlock other treasures: lucrative shipping routes, perhaps even the storied Northwest Passage; new cruise ship destinations; and important commercial fisheries.

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[Why Syzygy]

1. oh goodie

While a good portion of the world's population drowns, at least there will be cruise lines. Titantic anyone?

[Why Syzygy]

2. that was a double click. dupe