The Arctic is changing and increasingly drawing the world’s interest, with the potential for vast reserves of offshore oil and gas constituting arguably the most attractive, yet challenging prospect in the region:
As the U.S. prepares to assume chairmanship of the Arctic Council in 2015, this policy brief is designed to inform the legislative and executive branches of the U.S. Government of the current state of oil and gas governance in the Arctic, and to address the following questions:
How can the U.S. elevate the Arctic region as a priority national interest?
How can the U.S. lead in strengthening offshore oil and gas governance in the Arctic?
The U.S. still has some leverage over China, because China clearly wants a deal. ... U.S. financial markets also seem to have been boosted by the prospects of a U.S.-China trade deal, so I think it could have a negative effect on both financial markets and economic activity in both countries if a deal is not struck