"A full 30% of the world's undiscovered gas and 13% of its undiscovered oil are estimated to be located north of the Arctic Circle, U.S. Geological Survey researchers said in a paper published Thursday in Science magazine.

The estimate is relatively small compared with known reserves in the major oil-exporting countries, but it is likely to greatly benefit Russia, which has the largest territory in the region, the researchers noted. However, they said, the most likely place for oil in the Arctic is off northern Alaska in the Chukchi Sea."

Margot Roosevelt reports for the Los Angeles Times May 29, 2009. [2]