There is energy in that burning ice and in the next few years companies are going to start to extract that source of energy.  So what causes this ice to burn?  It is Methane that is trapped in ice.  It is what is called Methane Hydrates.   The amount of Methane Hydrates that is believed to be available is more then all other energy sources from fossil fuels – oil, traditional natural gas and coal.

Where Methane Hydrates Comes From and where it is located
The methane is trapped under tundra and in the depths of ocean floors where the high pressure and low temperature the water freezes.  This traps the methane in with the ice. It is this structure of methane and water frozen together that is called Methane Hydrates.  The Methane hydrates are so densely compacted that 1 cubic foot when it is extracted produces 150 to 170 cubic feet.
Methane hydrate is located in the tundra and along appears to have large reserves along the cost.  This is good news for countries that import large quantities of fuel but are sitting on large deposits of Methane hydrates.


Extracting the Gas and Getting it to Shore
The reason why this source of energy has stayed put is the extraction process.  Since it is in a frozen state and in very difficult locations to get to it has remained where it is.  Energy companies are going to start to explore and do extraction on a limited basis within the next 10 years. 

Extraction
There are two ways to extract it from its current location.  Use hot water to melt the ice.  This proves to be a costly and time consuming process.  The other method is to drill a hole and lower the pressure seems to be the viable option.  

Location
Methane hydrates are located in tundra areas of the world.  Alaska, Canada and Russia where Methane hydrates were first discovered in the 1960’s.  Methane hydrates are also located along the coastal areas of the world.  This is good news for those countries that import most of the energy they require and yet sitting on some of the largest reserves of energy.

Getting to land
This is the largest hurdle to overcome.  Extracting the Methane hydrate in the tundra and transporting is not a major problem as existing pipelines can be used.  The Methane hydrate that is located off the shore is the problem.  Converting the gas to a liquid would be very costly at sea but it might be the most viable means to date.


How Methane Hydrates Are Going to be Futures Fuel
Methane gas does contribute to global warming.  Other forms of fuel, coal and oil, also contribute to global warming.  When methane is burned it produces CO2.  It produces ½ the CO2 that coal and oil produces when it burns, hence the phrase that natural gas burns cleaner.  Natural gas is methane and when Methane burns it becomes CO2 + 2H2O, carbon dioxide and water. 
To put this is non technical terms methane is a stronger source of global warming then say other gases.  As the tundra begins to thaw the methane that is trapped will be released into the atmosphere.  Right now methane is in such low numbers that as a green house gas it is not as great a threat as CO2.  That will change as the amount of Methane in the tundra begins to be released into the atmosphere.
For a more information about CO2 and Methane and their effect on global warming check out the article.