I have to laugh when I read this.
$1:
The European Commission said the 27-member bloc, which has three member states in the polar region - Denmark, Finland and Sweden - should get involved in the current rush in the Arctic, notably in offshore oil and gas exploitation.
What rush?
so far it's only Canada doing anything big in the arctic and were the only ones who will do anything there for awhile,those polar icecaps dont melt overnight.Some people must be falling for that "arctic is melting" line you see in the media all the time.
considering you have a 3 month window/year for exploration I cant see anyone ponying up the cash for exploration or development with oil prices as they are now.
Now gold and diamonds are another story and Canada has that sewn up.