IT STARTED WITH A RUSSIAN EXPEDITION planting the Russian flag in a polar seabed. Though largely symbolic, it touched off a scramble among a handful of nations, all trying to lay claim to the Arctic. Among these claimants: the U.S., Canada, Russia and Denmark.

Why the sudden interest in the Arctic? There are two big reasons. First, thanks to global warming, deposits of natural resources once layered over in impenetrable ice are now easier to get at. Second, thanks to melting ice, some previously icebound shipping lanes are opening up.

Today, the Arctic prize is a multibillion-dollar opportunity.

As a treasure trove of natural resources, the Arctic boggles the mind. By some informal estimates, the region holds 25% of the worlds undiscovered oil and gas. It could also hold massive amounts of crystallized methane another potential fuel source. More formal surveys are under way by the Arctic lottery hopefuls. So in time, well know more about what Mother Nature has cooked up in the oven beneath the icy Arctic crust.