The future use of this region for shipping lanes or sources of natural resources depends on the availability of open water which is increasing year to year. The Arctic Ocean of the coast of Alaska is believed to have vast hydrocarbon and other natural resources. As a result of the Arctic region warming up faster than other regions of the globe, the Arctic ice cap in 2012 reached its smallest extent in history. As passageways become available, maritime activity is likely to increase along the Northern Sea Route, especially in the
Chukchi Sea in northeast Alaska, and along the Bering Strait. The shorter route offers a fuel-saving option to maritime companies. The
Northern Sea Route, which goes from northeastern Asia north over Russia to Rotterdam, is 40 percent shorter than the traditional route through the
Suez Canal. Other trade routes which could increase in the region are the
Northwest Passage, along the northern coast of Canada, and the
Transpolar Sea Route, which goes directly through the Arctic. However, the availability of these routes depends on the amount of ice formations present in the summer time. With the trend of increasing routes through the north, but with limitations due to winter weather and ice caps, this region is expected to see only about two percent of the world maritime trade. Countries with exclusive economic interest in this region seek to preserve a peaceful and safe environment in this region when it comes to territorial claims and commercial development. The
Arctic Council, which seeks to promote stability in the region, consists of eight countries that have economic interests in the region: the United States, Canada, Russia, Denmark (by means of Greenland), Iceland, Norway, Sweden, and Finland. ==References==