Here's a story with quite a few angles.
1. The upside to global warming:

[T]he prospect of timesaving sea lanes that could transform the shipping industry the way the Suez Canal did in the 19th century.

The U.S. Geological Survey estimates the Arctic has as much as 25 percent of the world's undiscovered oil and gas. Russia reportedly sees the potential of minerals in its slice of the Arctic sector approaching $2 trillion.

Global warming is also bringing an unexpected bonus to American transportation company OmniTrax Inc., which a decade ago bought the small underutilized Northwest Passage port of Churchill, Manitoba, for a token fee of 10 Canadian dollars (about $8).

The company, which is private, won't say how much money it is making in Churchill, but it was estimated to have moved more than 500,000 tons of grain through the port in 2007.

2. Response to the criticism that businesses focus on the next quarterly report:

Alan Murray, an analyst with the consulting firm Wood Mackenzie, said most petroleum companies are now focusing research and exploration on the far north. Russia is developing the vast Shkotman natural gas field off its Arctic coast, and Norwegians hope their advanced technology will find a place there.

Just a few years ago, reports said it would take 100 years for the ice to melt, but recent studies say it could happen in 10-15 years, and the United States, Canada, Russia, Denmark and Norway have been rushing to stake their claims in the Arctic.

3. Issues regarding sovereignty and prior claims

Norway and Russia have issues in the Barents Sea; the U.S. and Russia in Beaufort Sea; the U.S. and Canada over rights to the Northwest Passage; and even Alaska and Canada's Yukon province over their offshore boundary.

Canada, Russia and Denmark are seeking to claim waters all the way up to the North Pole, saying the seabed is part of their continental shelf under the 1982
United Nations Convention on the Law of the Sea. Norway wants to extend its claims on the same basis, although not all the way to the pole.

Canada says the Northwest Passage is its territory, a claim the United States hotly disputes, insisting the waters are neutral. Canadian Prime Minister Stephen Harper has pledged to put military icebreakers in the frigid waters "to assert our sovereignty and take action to protect our territorial integrity."

With all the squabbling over ownership, Tristan Pearce, a research associate at the University of Guelph's Global Environmental Change Group in Canada, reminded Arctic nations of who got there first: indigenous peoples like the Inuits and the Sami.

"Everybody is talking about the potential for minerals, diamonds, oil and gas, but we mustn't forget that people live there, all the way across the Arctic," he said. "They've always been there and they have a major role to play."

Want to take bets on how much the indigenous peoples get out of this?

And 4. Traditional environmental concerns: "Apart from the risk of oil spills, more vessels could carry alien organisms into the Northwest Passage, posing a risk to indigenous life forms."