The Arctic ocean is the smallest and shallowest ocean only covering 5.4 million miles around the North Pole, with a max depth of 17,880 feet. It is almost entirely covered by sea ice, which is 1–10 meters thick. However, summer ice has decreased by 30-40%.Temperatures are quite consistent being in the negitives, hovering around -2 degress celcuis. The region may contain over 25% of the world's undiscovered oil and natural gas. The region may contain over 25% of the world's undiscovered oil and natural gas, which is ¼ of the entire world's resources. that incoperates parts of 8 countries, Canada, Greenland, Iceland, Norway, Finland, Sweden, Russia and the United States.