With Trump talking about Greenland, and all of the wild estimates of oil up there, I figured I would glance at it. The US Geological Survey (USGS) did a probabilistic study so make of that what you will. It's more SWAG than substance.

Anyway, the USGS thinks that the Arctic is gas prone, with most of the gas in Russia. Gas volumes are enormous. About 1/3 of the Arctic oil is undiscovered oil in Alaska. Probably there is another Prudhoe Bay up there, and less probably, more than that. Greenland tried attracting oil money. They drilled in offshore West Greenland and came up with zilch. Ditto East Greenland. There is no onshore oil anywhere in Greenland or Eastern Canada due to the Canadian Shield. Overall, there is enough oil in the Arctic to provide the world about 1-5 years of oil. That is enough to incentivize exploration, but it is no Middle East. In short, when (or if) we have peak oil, drilling in the Arctic won't save us.