It is all about resources and who controls them

TASIILAQ, GREENLAND — Oil executives looking for the next massive source of petroleum have turned toward the Arctic for decades. Studies by the US government suggest the area above the Arctic Circle could hold as many as 90 billion barrels of oil and nearly 1,700 trillion cubic feet of natural gas.The oil alone would be enough to sustain the entirety of global demand for nearly three years if all other drilling worldwide were to cease tomorrow.At the center of these ambitions is Greenland, where some of the harshest conditions on Earth protect stores that have drawn in prospectors looking for the chance at another discovery the size of Alaska’s Prudhoe Bay.A company called March GL, which will be renamed Greenland Energy Company after it goes public this year, is hoping to vault itself into the upper echelons of the industry by extracting some of these billions of barrels of oil from a peninsula called Jameson Land sticking off the eastern coast of Greenland, the largest island in the world. The oil could be transformative for the US and European markets likely to receive it, injecting a massive wave of new supply that could help wean Europe from its dependence on Russian petroleum, currently under a steep sanctions regime as its war in Ukraine rages on.