New Opportunities At the Top of the World

I knew that sooner or later somebody would find something good to say about global warming. Whether man-made (I doubt it) or natural (much more likely), the warming at the top of the earth is creating some new opportunities for entrepreneurial folks:

It seems harsh to say that bad news for polar bears is good for Pat Broe. Mr. Broe, a Denver entrepreneur, is no more to blame than anyone else for a meltdown at the top of the world that threatens Arctic mammals and ancient traditions and lends credibility to dark visions of global warming.

Still, the newest study of the Arctic ice cap - finding that it faded this summer to its smallest size ever recorded - is beginning to make Mr. Broe look like a visionary for buying this derelict Hudson Bay port from the Canadian government in 1997. Especially at the price he paid: about $7.

By Mr. Broe's calculations, Churchill could bring in as much as $100 million a year as a port on Arctic shipping lanes shorter by thousands of miles than routes to the south, and traffic would only increase as the retreat of ice in the region clears the way for a longer shipping season.

With major companies and nations large and small adopting similar logic, the Arctic is undergoing nothing less than a great rush for virgin territory and natural resources worth hundreds of billions of dollars. Even before the polar ice began shrinking more each summer, countries were pushing into the frigid Barents Sea, lured by undersea oil and gas fields and emboldened by advances in technology. But now, as thinning ice stands to simplify construction of drilling rigs, exploration is likely to move even farther north.

Last year, scientists found tantalizing hints of oil in seabed samples just 200 miles from the North Pole. All told, one quarter of the world's undiscovered oil and gas resources lies in the Arctic, according to the United States Geological Survey.

The polar thaw is also starting to unlock other treasures: lucrative shipping routes, perhaps even the storied Northwest Passage; new cruise ship destinations; and important commercial fisheries.

"It's the positive side of global warming, if there is a positive side," said Ron Lemieux, the transportation minister of Manitoba, whose provincial government is investing millions in Churchill.

There aren't too many folks in the scientific community that think this warmer Artic region is here to stay. Most seem to feel it's part of a natural cycle, and at some point will return to its previous icy state for more of the year than it does now.

However, until then, look for some crafty capitalists to take advantage of the newly opened waters to see what natural resources they might yield.