October 6, 2013
I HOPE VLADIMIR PUTIN ENJOYED HIS MOMENT IN THE SUN: Iceland On Cusp Of Oil Boom.
Iceland is sitting pretty for what will likely be the world’s next oil boom. The USGS estimates that the Arctic circle holds roughly 13 percent of the world’s undiscovered oil, and as the world warms, that ice is melting, uncovering billions of barrels of black gold. Countries are licking their lips at the possibility of tapping these reserves, and tiny Iceland is well-positioned to take advantage. The North Atlantic Current keeps the country’s harbors ice-free, making it an ideal jumping-off point for countries like China who are eager to invest in new oil plays. And, as the New York Times reports, Iceland is working towards developing some of this Arctic oil for itself. . . .
The energy landscape is already radically different from what is was even 10 years ago thanks to the shale boom and the rise of LNG. We’re far from the first to say it, but it bears repeating: Arctic hydrocarbons promise to be the next big shakeup. At the macro level, the world’s energy outlook is changing faster than it ever has, largely due to the rapid acceleration of technological innovation. Fortunately, the majority of these changes are for the better, confounding Malthusians and buying scientists more time to further develop renewable technologies.
And safe, clean mini-nuclear reactors.