As FP has noted in the past, many see the Arctic as the last great frontier for oil and gas exploration. By one prominent estimate, the Arctic region may hold as much as a quarter of the world's undiscovered oil and gas reserves. The area's remoteness and harsh climate, however, mean that the technology is still not sufficient to access these reserves, and therefore profitable exploitation of them might not be feasible until 2050.

But oil and gas companies may not have to wait that long. In 2007, the extent of Arctic sea ice is likely to have declined further than in any other recorded year—reduced by an area greater than the size of California and Texas combined. This means the Arctic could become an energy center sooner than expected, not to mention one of the most critical sea lanes of communication in the world. The melting of the ice caps, along with improvements in shipping technology, will significantly cut the travel time between Asian manufacturing centers and western consumer markets.

While this may have some companies excited, it's certainly bad news for the Arctic's many inhabitants, including whales, walrus, seals, birds, fish and polar bears, as well as the Inupiat people who have resided in the area for 2,500 years. With their livelihoods already severely affected by global warming, the opening up of the Arctic to energy companies and shippers could ultimately mean the end of the Inupiat way of life.