According to climate scientists, the warming of the region is shrinking the polar ice cap at an alarming rate, reducing the permafrost layer and wreaking havoc on polar bears and other indigenous wildlife in the region.
If the global warming trend continues, more and more resources will be discovered as the ice melts further.
What is bad for the animals, though, has been good for commerce, according to a CNN documentary Ice Wars. The US, Canada, Russia, Norway, Denmark, Iceland, Sweden and Finland all stake a claim to a portion of the Arctic.