Question

What are the economic significance of discovery of Oil in Artic sea and its possible environment consequences?​

Answer 1

This region is home to flora and fauna adapted to this unique habitat. Economic Significance of discovery of oil: Cheap oil availability in abundance. Decreased reliance on Middle East region (Gulf nations), There by altering the geo-political and economic relationship among the global community.

Answer 2

Answer:

Mainly Exploration of these resources would impact marine ecology as it is one of fragile regions in the world many wild life species like polar bears would get extinct once the exploration takes place. Toxics i.e Mercury, lead and arsenic will be released into arctic sea.

ECONOMIC SIGNIFICANCE:

• It has 13% of oil in the entire world in just 3 geological provinces.
• Improvements in the infrastructure will aid commercial fishing in unexpected waters of the arctic.
• Large amounts of these oil resources occur off shore making it easy to explore.
• Can produce or supply large amounts of gas and oil which can reduce price.