Nations to discuss claims to Arctic oil reserves

05/28/2008 | Houston Chronicle (tiered subscription model)

With the Arctic shelf potentially harboring as much as 10 billion tons of oil equivalent as well as precious metals and gems, the U.S., Russia and three other countries are meeting to consider claims to the resources. The United Nations will ultimately decide on ownership under terms of its Law of the Sea convention, which bestows nations with rights to Arctic economic zones within 200 miles of their coasts.

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