Oil in the North Pole?

Global warming is slowly causing the polar cap to melt in the North Pole, supposedly by the end of the century the Artic Ocean will be open water for the first time in prehistory. The article published by Newsweek talks about possible abundance of oil and natural gas being uncovered when this happens. This has Canada and Denmark in a scramble to claim the land because of it's potential hidden wealth. The idea sounds ludicrous to me, if global warming does become that serious we're going to have more problems than just filling our oil reserves. I am definitely not a science major so I don't have a good grasp on the real effects of global warming but this article scared me more than it intrigued me. But what are your thoughts?