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 United States has shown on many occasions that it has many other values that supersede oil, including international norms of behavior, free democratic elections, and freedom of speech. Trump can’t afford to have skyrocketing oil prices and rising gasoline prices at the pump going into the midterm elections.
[The Saudis] don’t want to give the US any reason to back away. Using oil as a weapon would hurt Saudi Arabia more than it would hurt the US.