Seeking Oil, Russia Claims North Pole

Driven by dreams of 21st century oil wealth and new shipping routes made possible by global warming, Russia plans to stake its claim to the North Pole in the old fashioned way -- by planting a flag in the sea bed, 14,000 feet beneath the ice.

As global warming erodes ice in the arctic, the United States, Canada, Russia, Norway and other nations with territory in the region are scrambling to lay claim to ever wider swaths. The scramble for territory hasn't turned violent, but it is quietly a concern at the top levels of government.

Untold reserves of oil and other natural resources -- and shipping routes that can cut precious days and expense for business -- lie at the top of the world. Russia has made an early and bold claim that will no doubt go challenged as time -- and melting -- goes on.

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