Oil and Gas Resources
The Chukchi shelf is believed to hold oil and gas reserves as high as 30 billion barrels (4.8×109 m3). Several oil companies have competed for leases on the area, and on 6 February 2008, the U.S. government announced the successful bidders would pay US$2.6 billion for extraction rights. The auction has drawn some criticism from environmentalists.
Read more about this topic: Chukchi Sea
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