The WSJ summarizes a Feb. 18, 2007 article from the Boston Globe. Here is an excerpt from the summary:
(p. B12) Among the many changes global warming might bring, the melting ice in the Arctic could eventually give access to the oil and gas under the ice, estimated by the U.S. Geological Survey to amount to a quarter of the world’s reserves. Fifty-five million years ago the region was a warm land of crocodiles and palm trees whose remains have since become fossil fuel, reports Drake Bennett. The Arctic ice has made the fuel practically inaccessible by making drilling hard and blocking ships.
For the full summary, see: