“The Arctic is at the forefront of opportunity and abundance,” Pompeo said in remarks in Rovaniemi, Finland. “It houses 13 percent of the world’s undiscovered oil, 30 percent of its undiscovered gas, an abundance of uranium, rare earth minerals, gold, diamonds, and millions of square miles of untapped resources, fisheries galore.”

“Steady reductions in sea ice are opening new passageways and new opportunities for trade,” he continued. “This could potentially slash the time it takes to travel between Asia and the West by as much as 20 days.”

“Arctic sea lanes could become the 21st century Suez and Panama Canals,” Pompeo remarked.