With the Arctic ice melting faster than expected, there will be a rush from countries surrounding the pole to begin exploiting the riches the sea ice has guarded for thousands upon thousands of years.

This summer, there will be more activity in the Arctic than ever before. As for American interests, Shell will be engaged in major exploration after given the go-ahead from the U.S. Government on its permits.

Regional shipping, tourism, and fishing will also be on the rise as less and less sea ice covers the region. Chatham House, and lloyds of London Insurance Market says in a report those three areas could attract investments of $100 billion or more in the next decade.

The report also points out that because of the huge gaps in knowledge of the region, the danger of environmental disaster in the arctic are a high risk. “Though the prospects are significant, the trajectory and speed of Arctic economic development are uncertain,” the report said. “There are huge infrastructure and knowledge gaps across the Arctic, constraining development and increasing the risks of frontier projects.”

The report goes on to say that major investments in infrastructure and surveillance are needed by the Arctic Council members so that safe economic activity can take place. Currently, those members are Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States.

Experts warn that along with these legitimate activities taking place, there is an increasing threat of terrorism, illegal fishing and smuggling as the arctic opens up to more traffic. Lt. General Walter Semianiw, head of Canada Command said of the situation unveiling itself in the Arctic, “By bringing more human activity into the Arctic you bring both the good and the bad. You will see the change whether you wish to or not.”

As more nations, such as Canada, Norway, and Russia, move assets into the Arctic area, the United States is moving in the opposite direction, moving its assets away from the region. While Russia maintains the largest fleet of Arctic Icebreakers with at least 34 such vessels, the United States struggles to keep even one online as the Arctic race heats up.

Even countries with no ties or territories in the Arctic are queuing up to gain a seat on the Arctic Council. Recently, China, India and Brazil asked for permission to join in the Council as permanent observers. They want to join other non-arctic observers such as France, Germany, the Netherlands, Poland, Spain and the United Kingdom , all of whom have observer seats there.

China already has a research station in Norway,s Northern Svalbard Islands and has begun construction on a 8,000 metric ton icebreaker. China is currently working with Sweden to gain energy resources from the region.

In a February 15th letter to the Homeland Security Appropriations Subcommittee that has a scheduled hearing on May 9th on the Coast Guard budget, Alaska Senator Murkowski said, “One of the areas I’m particularly interested in is the Coast Guard’s mission to safeguard U.S. interests in the Arctic. The Arctic offers new opportunities for resource development and shipping routes that may reshape the global transport system … I believe we should consider whether the Coast Guard has the operational resources, support facilities and the calculated locations for their Arctic and other missions.”

In a written statement, Senator Murkowski stated, “Alaskans and Americans are born pioneers – and the Arctic is one of the last frontiers to be fully understood and developed,” said Murkowski. “As the waters begin opening to possibilities in research, resource development and revenue, we need the Coast Guard’s help in protecting all that we hold dear. Part of that is by making sure my Senate colleagues fully understand we are an Arctic Nation, and that the Coast Guard’s mission in the Arctic must be a top priority.”

Arctic Sea Ice reached its maximum extent on March 18th in 2012, it will now continue melting until mid September, when it will again begin to build.