This summer’s scramble for the Arctic is deadly serious. True, Russia raised a few incredulous smiles when it planted a flag directly below the North Pole – an anachronistic act that Russian television appears to have “sexed up” by using shots from the film Titanic in the accompanying footage.

But, by sending men in boats into the region soon after, the US, Canada and Denmark have signalled that the Arctic is no laughing matter. President George W. Bush is expected to discuss the issue with his counterparts from Canada and Mexico at a North Atlantic summit on Tuesday. National pride and, more to the point, vast potential reserves of oil and gas are at stake.