Thanks to soaring oil prices and new technology, oil producers in the hot sands of Arabia, the torrid Niger delta or the humid plains of the Orinoco are facing new competition from rivals in the frozen North.”  

Good article in IPS on the new oil exploration under the Arctic ocean and the environmental and climate risks of this extreme oil. Unfortunately, the article misses two important angles of this development: the energy needed to exploit this new exploration (“net energy”) and the tough economics of this “extreme energy” production.