Peak Oil has been a theory of immense discussion and though I don’t get much of it, the comprehension that it has something to do with maximum oil production around the globe is ample for me and for the rest of you. I may not understand the basics of Peak Oil, but what I do know is that the global oil reserves are diminishing fast. Indeed, the heavy oil consumption now leaves us at a point where only half of the earths’ oil reserves are left.

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They say the balance of power shifts with the control over natural gases and oil reserves. It might be the right notion with Russia, US, Canada and Denmark staking their claim over the region that falls north of the Arctic Circle.

These countries would get back to staking their claims as scientists from the USGS in collaboration with international researchers have revealed that the Arctic may hold twice the oil previously found there. Not just the oil reserves, the sedimentary basins in the area, also house natural gas reserves.

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