Peaceful resolution of Arctic territorial disputes will be a boon to global economy and stability

Because nations that actively seek Arctic resources stand to obtain strategic advantages, efficient and effective resolutions of Arctic boundary disputes are of vital importance. As the Polar Ice Cap continues to melt, Arctic nations will continue to compete for Arctic territory and accompanying natural resources. The efficient, effective, and peaceful resolution of Arctic territorial disputes will have a profound impact on geopolitics, property ownership, and international law- especially in an economic climate of escalating oil prices.²⁸⁴ Although the international resolution of Arctic territorial disputes will require immediate and bold diplomatic action, as explained by scholar Bruce Jackson, "[t]he fact that the Arctic, more than any other populated region of the world, requires the collaboration of so many disciplines and points of view to be understood at all, is a benefit rather than a burden."