When a country can show its seabed is a natural extension of its land territory, it gets the exclusive right to exploit the resources contained in its subsoil.
Russia argues that a ridge under the Arctic Ocean makes the North pole Russian, even though the coast of Siberia is 2,000 km (1,200 miles) away.

Canada said earlier this month it would map its entire Arctic seabed. It is planning to build a deep-water port for patrol vessels near the eastern entrance of the Northwest Passage, which was ice-free for the first time ever, this summer.
Unfortunately the United States is left out on a limb. By not having ratified the UN Convention on the 'Law of the Sea' (UNCLOS) back in 1982.
However, the Bush administration is now desperately trying to do so, since only countries that have ratified it can make continental shelf claims, before a time limit expires.

The situation is now becoming more complicated, since a new island has risen out of the sea north of Greenland.
And it may be only the first of many small islands that are expected to rise out of the sea as the Greenland Ice sheet melts it weight release, causes the land to rise.

A tiny speck of pebbles found off the northern coast of Greenland could open up a new front in the looming battle for control of the Arctic and the North Pole.

As Greenland is under Denmark's administration, this scrap of land just 40 meters (43.7 yards) long could extend Danish territory further north and strengthen Copenhagen's claim on the pole.
Its discovery comes as countries around the Arctic Ocean -- the United States, Russia, Canada, Denmark, Norway and Iceland -- are rushing to stake out the Polar Basin's seabed, for valuable oil, mineral, and fishing rights, plus maritime routes.
Complete story here:-
http://uk.reuters.com/article/topNews/idUKL2615243720071031?pageNumber=4

Plus older Scienceagogo threads below:-
http://www.scienceagogo.com/forum/ubbthreads.php?ubb=showthreaded&Number=22497#Post22497

I put this Item under my previous one that I posted Oct: 2007,
which stated that, Canada is building 2 Artic seaports to be able to control the Artic Northern Sea passage that will soon be used by international shipping, instead of the Panama canal.
Which is too small for the latest tankers.

Now I am very surprised to read that the USA will be claiming nearly all of the Artics undersea Oil?
Also have the US Goverment now ratified the UN Convention on the "Law of the Sea?" (stated in my above post)

In this new surprising URL below, it concludes:-
"The United States should not underestimate Canadian passions on this issue," Borgerson, a fellow at the influential Council on Foreign Relations, wrote in an article in the latest issue of Foreign Affairs magazine. "Unless Washington leads the way toward a multilateral diplomatic solution, the Arctic could descend into armed conflict."
I would be interested to read what Canuck feels about this up and coming issue?
http://www.canada.com/topics/news/story.html?id=7534c4de-0c21-4653-a06b-112bc96b2708&k=6345

I could see where the United States could claim some of the oil since we do own Alaska, but for the life of me I cannot see where we would be able to claim it all unless we have some sort of an agreement with the Canadian Government which is not mentioned here.

Very significant for the economy of a nation, no doubt, but this is another perspective:

According a Science News bulletin from the Royal Society, the US Geological Survey has estimated that the Arctic Circle holds oil reserves sufficient to satisfy global demand for three years.

Three [deleted] years! Almost laughable.

So much for the remaining non-renewable energy sources.