"The Arctic is a cold, remote, dark, dangerous and expensive place to explore for oil and natural gas. Recent appraisals suggest that a considerable fraction of the worlds undiscovered petroleum reserves lie within the Arctic. The oil and gas resources in the Arctic, but also their price, are what will draw the attention to the Arctic area in the future. Offshore exploration in the Arctic currently targets oil instead of natural gas. The relative ease of transport is what causes companies to favor oil. Arctic oil and natural gas development also faces political and environmental issues. Political issues stem from the overlapping and disputed claims of economic sovereignty. The environmental issues pertain to the preservation of animal and plant species unique to the Arctic, particularly tundra vegetation, polar bears, seals, whales, and other Arctic sea life. The extent to which environmental laws and regulations impact Arctic oil and natural gas development will depend on the specific laws and regulations of each nation having economic sovereignty over Arctic areas. However, the experience in the United States indicates that such policies can preclude the development of significant Arctic oil and natural gas resources. "