Is Arctic oil an answer to the global energy crisis?
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A new study suggests that 90 billion barrels of recoverable oil and 1,670 trillion cubic feet (Tcf) of natural gas lies undiscovered underneath the sea ice of North America. The U.S. Geological Survey forecasts that the untapped energy source can meet the current world demand for three years. Arctic oil is now more accessible owing to melting of ice. However, it still can’t replace the overall world supply. Energy producers have accelerated the exploration in the region and expect to discover far more oil than what is estimated until date.
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