The amount of yet-to-find oil and gas in the high northern latitudes is one of the mighty uncertainties of future energy supply. The possibility of extensive original petroleum developments in the Arctic Ocean is of interest to the Arctic nations,to petroleum companies, and to those concerned with the fragile and changing Arctic environment. The U.
S. Geological Survey (USGS) 2008 Circum-Arctic Resource Appraisal (CARA) had the express purpose of conducting a geologically based assessment of undiscovered petroleum north of the Arctic Circle, or thereby providing an initial evaluation of resource potential.
Source: usgs.gov