Shell is planning to drill 70 miles north of Alaska to determine whether 27 million barrels of oil are there . Bob Reiss : For America , the risks are huge in the Arctic . That 's because a single Chinese container ship sailing the Northwest Passage between Shanghai and New York instead of using the Panama Canal would save an estimated $ 2 million each way on gas and tolls . He believes opening of the region could increase price of gas and products from Alaska . Reiss : If you want the U.S. to remain strong and dominant in the Arctic , look to the north .
Shell is planning to drill 70 miles north of Alaska to determine whether 27 million barrels of oil are there . Bob Reiss : For America , the risks are huge in the Arctic . He believes opening of the region could increase price of gas and products from Alaska . Reiss : If you want the U.S. to remain strong and dominant in the Arctic , look to the north .