The Arctic Ocean has billions of gallons of oil and natural gas. This is known as Arctic Oil and Arctic Gas. This Arctic Oil is a quantity of up to 25 percent of the world's undiscovered oil and gas reserves according to United States of America. Geological Survey and some oil experts call the arctic area as the next Saudi Arabia. It’s very early to hear and we can't know yet if they are correct, but Las Vegas-based Arctic Oil & Gas has announced that new geological data on the Arctic Ocean suggests the existence of more than 400 billion barrels of oil.

Saudi Arabia's Ghawar is the biggest conventional oil and gas meadow in the world. It has been probable to contain nearly 170 billions of barrels of oil. Even Saudi Arabia has half right, that's a lot of oil. The Arctic may have as great as a fifth of the worlds yet still to be discovered Arctic oil and natural gas reserves, the United States Geological Survey said that it revealed the largest survey of petroleum resources north of the Arctic region.

At present day’s oil usage rate of eighty six million barrels per day, the possible Arctic oil in the Arctic region could meet worldwide require for nearly three years. The Arctic's possible natural gas and oil resources are three times larger. That equals Russia's proven gas reserves, which is the world's largest. So we have to run out for Cheap Arctic Oil.