oh no!! the arctic sea level is...falling?

BBC News reports today:

Arctic sea level has been falling by a little over 2mm a year - a movement that sets the region against the global trend of rising waters.

A Dutch-UK team made the discovery after analysing radar altimetry data gathered by Europe's ERS-2 satellite...

The article is rather long and speculates on possible explanations. The take-home lesson I get out of this is that there is just not enough scientific evidence about long-term ocean levels either rising or falling to support any sort of global-warming panic response.