Question

The race involving 8 countries to claim territories in the Arctic due to the presence of massive natural gas and petroleum resources is popularly known as ?
1. Scramble for the Arctic
2. Race for the Arctic. 
3. The new Cold War
4. All of the above

Answer 1

Correct Answer - Option 4 : All of the above

The correct option is All of the above.

• The Arctic possesses massive oil and gas reserves. The seabed beneath the Arctic Ocean houses an estimated 90 billion barrels of oil — about 13% of the world's undiscovered oil reserves — and an estimated 30% of the planet's untapped natural gas, according to the U.S. Energy Information Administration.
• A century ago, this immense mineral wealth would have been unreachable, because we lacked the technology to exploit it. Back then, countries were limited to exploring only a thin sliver of the sea along their coasts, while areas of remote ocean, like the deep Arctic, were designated as high seas that belonged to no country. But with huge technological advancements in recent decades, remote stretches of the ocean have become increasingly accessible.
• Due to the huge potential of these resources, The U.S., one of eight nations surrounding the Arctic along with Canada, Denmark, Finland, Iceland, Norway, Russia, and Sweden, are all currently jostling for ownership of the region's frozen seas. Several of the countries have already submitted formal papers to a United Nations body, claiming portions of the vast Arctic seabed. 
• This surge of interest in the region has been dubbed the "scramble for the Arctic," “Race for the Arctic” or more sensationally, "the new Cold War," because Russia and the United States are the big players.