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Back in July, when IBD first interviewed the then-little-known governor, Palin emphasized developing Alaska's Chukchi Sea resources. Under those icy waters, it was then believed, was enough oil and gas to supply America for a decade.At the time, it was thought that Chukchi's waters northwest of Alaska's landmass held 30 billion cubic feet of natural gas. Today, Science magazine reports that the U.S. Geological Survey now finds it holds more than anyone thought — 1.6 trillion cubic feet of undiscovered gas, or 30% of the world's supply and 83 billion barrels of undiscovered oil, 4% of the global conventional resources.The only thing left to do is drill. "Congress can do that for us right now," Palin told IBD, urging Washington to open the territory.That Congress hasn't is the biggest part of the problem.The alternative isn't reassuring: If we don't drill, the Russians will. Situated over on the eastern end of the Chukchi Sea, they have global ambitions of dominating the energy trade and no qualms about muscling in on the U.S.
