National Snow and Ice Data Center scientists at the University of Colorado found that the North Pole is rapidly changing from an icy region to a gigantic pool, due to the rapid effects of global warming. The researchers warned that by the end of the year, the region could be free of ice. Last year much of the Arctic Ocean became open water as the water-ice boundary came to just 700 miles away from the North Pole.

According to their calculations, young sea ice, usually about 60 inches deep, now totals 72 percent of the current Arctic ice sheet. As young sea ice is much more likely to melt in warmer climate conditions than ice formed a long time ago, scientists said there is a 50 percent chance for the North Pole to turn into an enormous pool, this very year.

This very important change could be good news only to oil drillers whose access to the rich Arctic deposits was blocked by the thick ice so far. The arctic nations now face the prospect of exploiting the precious oil and mineral resources below the sea bed. However, for the rest of us are not just bad news, it’s a shocking and disturbing milestone.

Late last month, officials from five countries bordering the Arctic region have met to discuss how their countries will split the region possibly rich in oil and minerals and other issues related to the problem. The representatives of the United States, Russia, Canada Norway and Denmark issued the Illulissat Declaration which utters that the Arctic Ocean "stands at the threshold of significant changes."

The participants at the meeting agreed that there was no need to make new agreements on Arctic matters. To solve the problem they will use the already existing international laws like the Law of the Sea Treaty to resolve disputes. Denmark’s Foreign Minister Per Stig Moller said in a statement that the representatives of the five countries have "politically committed" to resolve their divergences in the region through negotiations.