Drilling in ANWR will get gas prices down two cents.... by 2025

The opening of the ANWR 1002 Area to oil and natural gas development is projected to increase domestic crude oil production starting in 2018. In the mean ANWR oil resource case, additional oil production resulting from the opening of ANWR reaches 780,000 barrels per day in 2027 and then declines to 710,000 barrels per day in 2030 ... Crude oil imports are projected to decline by about one barrel for every barrel of ANWR oil production ... Additional oil production resulting from the opening of ANWR would be only a small portion of total world oil production, and would likely be offset in part by somewhat lower production outside the United States. The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative to the reference case.


http://www.econbrowser.com/archives/2008/06/drilling_our_wa.html


The median case suggests the effect on gasoline prices in 2025 will bea mere $0.02 a gallon. The immediate effect will be zero as we’ll have to wait a decade to see any oil from ANWR. If this is Bush’s and McCain’s answer to today’s high gasoline prices, it is no answer at all

2 cents is always a worthwhile investment.....an invested kick in the nuts!

but as the artic thaws, perhaps having oil drilling equipment handy will put us in the race with Canada and Russia to set up platforms where the ice is disappearing.

I want it all and I want it now!

right now. Also, is it not better to use American oil, and keep the billions of dollars a year at home, instead of importing from other countries like Saudi Arabia? Why do you guys insist on outsourcing your energy needs?

Neither are the outrageous prices due to lack of oil or increased demand in this country. Consumption is down, and falling. Prices aren't. Part of the price increase is due to increased consumption in China and India, but somewhere between a quarter and one half of the current price of oil is due to unregulated speculation.

I'm not willing to destroy one of the last pristine wilderness regions on earth to save 2 cents per gallon at the pump. Particularly when the oil companies are not drilling about 80% of the leases they hold now.

I've heard that there's about 65 million barrels a day of untapped capacity right now simply because oil companies are refusing to drill on land they've already leased. Why would that be?

it's refining capacity over the last 30 years, oil companies could drill on the already leased land, and actually have the fuel refined for consumption.

but they do increase capacity at the existing ones.

I think a lot of those Saudi oil dollars are already being invested here. And since oil companies are international entities, there's no guarantee and any dollar will continue to be invested here. American oil companies have offices throughout the world, export oil throughout the world, and make investments throughout the world.

Oil is priced on the international market. Any extra amount of oil will be sold at international market prices. So any extra domestically-pumped oil will only make a dent when compared to total world production. I don't anticipate American oil companies to voluntarily lower oil prices out of the kindness of their hearts, even if that oil is from U.S. sources. They'll sell it to the highest bidder anywhere in the world, as they're in it purely for profit, not for the public good.

Becaue the WMD were found and the Iraqi oil is paying for the invasion.

That's certainly an understatement. It looks like global output peaked in 2005, and any suggestion that ANWR will amount even to a speck on a caribou's ass by 2025 is laughable.