So, what's the latest thinking on that oil up in Alaska?
If Congress were to open up the Arctic National Wildlife Refuge to drilling, crude oil prices would probably drop by an average of only 75 cents a barrel, according to Department of Energy projections issued Thursday.
[...]
[The report] estimates that if Congress agreed to open ANWR this year, Alaskan oil could hit the market in about 10 years.
So, what's the latest thinking from outside of the reality-based community?
"I'm coming away from it saying that this is yet another an indicator that opening ANWR is important to this country and to our energy future," said Sen. Lisa Murkowski, R-Alaska.
Imagine my surprise.
Quoted material from McClatchy via Don McArthur.
1 comment:
My take on drilling for oil in Alaska is that the oil companies see that China and India et al are becoming industrialized and are having the Industrial Revolution that we had 100 years ago. There is going to be a big demand for oil in those countries. They want to drill our oil and sell it to China. There's no guarantee that oil drilled domestically would stay in the U.S. to lower prices. Oil goes into some big international pool and it's hard to say which country it came from. There's no incentive for oil companies to flood the U.S. market with oil to lower prices. Why would they do that? Better to sell it around the world at whatever market price they set. A few months ago, the LA Times reported we had a huge surplus of gasoline in California so rather than lower the price of gas, they sold it to China and India to artificially shorten the domestic supply and keep the price up. Keeping the prices high here just softens the U.S. consumer into allowing drilling in Alaska.
Post a Comment