You're now free to invest in Iceland ... should you be so inclined. On Sunday, the country will begin lifting its post-financial disaster capital controls, giving investors a bit more elbow room. Foreign currency investments coming in won't be subject to the existing controls.

According to a statement released by Iceland's central bank, "Investors are authorized, without restrictions, to convert into foreign currency the sales proceeds from assets in which they invest after Nov.1." The statement also said, "Previously, non-residents were fully authorized to transfer foreign currency deriving from interest and dividends on investments in Iceland."

It makes sense that if there are still large pools of undiscovered oil. Some of them would be under one or both polar ice caps. It turns out the Arctic is a great place to drill for crude.

According to The Wall Street Journal, "The Arctic contains just over a fifth of the world's undiscovered, recoverable oil and natural-gas resources, according to a review released Wednesday, confirming its potential as the final frontier for energy exploration."

The data from the study raises two questions. The first is who owns the rights? Russia claims some of them. So does Denmark. The U.S. is even making come claims for part of the territory.

The other issue is the standard environmental one. Will drilling in the Arctic endanger any wildlife, create oil spills, or disrupt the ice cap? Since the ice is melting due to global warming, that concern may not last for long.

As oil prices rise, it becomes more evident with each passing month there are deposits of oil off-shore, in protected lands, and in regions that could not be reached before because the technology did not exist.

Unfortunately, getting at the oil could involve years of legal battles. By then maybe the T. Boone Pickens windmill farms will be delivering vast quantities of energy and it won't matter.

Douglas A. McIntyre is an editor at 247wallst.com.

Happy Thanksgiving from the BloggingStocks staff and contributors! Here are some leading financial stories around the world today:

Stocks plunge in China
China's Shanghai Composite Index sank 4.41 percent Thursday to fall below 5,000 -- 18.2 percent off its peak of 6,092 in mid-October -- adding evidence of an end to the China bubble. Shares of PetroChina (NYSE: PTR), the world's largest oil company, fell 4.6 percent to 35.11 yuan.

ArcelorMittal takes charge in China
ArcelorMittal (NYSE: MT), the world's leading steelmaker, is taking a controlling 73 percent stake in China Oriental Group Co. Earlier this month, ArcelorMittal bought a 28% stake in the iron and steel maker for $647 million. The Luxembourg-based company also disclosed plans for steel plants in India's Jharkhand and Orissa states.

Air France-KLM's Q2 profits soar
Air France-KLM (NYSE: AKH) on Thursday posted second-quarter profit of $1.1 billion, nearly double the $539.7 million reported in the same period last year. The top European airline also said it had not dismissed the possibility of offers for Italy's Alitalia or Spain's Iberia airlines.