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.