Tony Hopfinger

On Friday night, about a dozen Greenpeace activists -- several dressed in polar bear costumes -- demonstrated at the opening reception of the first Arctic Circle conference, an international gathering of some 1,000 business leaders, government officials and others with interests in the Arctic.

Russian President Vladimir Putin warned about the impact of shale gas as state-owned giant Gazprom celebrated the official opening of a massive Yamal field.

ANALYSIS: If you believe Big Oil is going to build a "$65+ billion" Alaska natural gas project when shale gas is booming across the Lower 48, then this may sound like great news. If you’re a skeptic, well, read on.