The geopolitical and economic implications of a receding Arctic icecap are something to keep an eye on. Global warming is old news to most, but I found this specific instance noteworthy.
The time-frame in the summer when the Arctic waters are passable by ship appears to be increasing. This is a big opportunity for shipping companies to cut down on transportation costs. The video below from the Economist touches on shipping, fishing, and the possibility for more offshore drilling. I am somewhat skeptical about the extent that drilling would be cost efficient in these waters given such a small window of time and the high fixed costs for drilling. Also, staunch opposition from environmentalists will make it politically difficult for oil companies to drill in this area. However, assuming that the melting trend continues, this area could become a hotbed for international conflict over the next century as countries and oil companies jockey for position in the region.
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