McClatchy: Here're the savings from Arctic drilling — 75 cents a barrel

[babylonsister]

Here're the savings from Arctic drilling — 75 cents a barrel
By Erika Bolstad | McClatchy Newspapers


WASHINGTON — 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, which was requested in December by Sen. Ted Stevens, R-Alaska, found that oil production in the refuge "is not projected to have a large impact on world oil prices."

But the report also finds that opening ANWR could have other benefits, particularly in Alaska, where tapping the resources in the Arctic refuge could extend the lifespan of the trans-Alaska pipeline. It estimates that if Congress agreed to open ANWR this year, Alaskan oil could hit the market in about 10 years.

"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. :wtf:

The report was unveiled Thursday by the Department of Energy's research arm, the Energy Information Administration and came a day after the Department of Interior said that 60 percent of federal lands that hold potential sources of natural gas and oil are closed to leasing.

more...

http://www.mcclatchydc.com/251/story/38223.html

[Canuckistanian]

1. I'm surprised that that report wasn't killed

Sort of blows the whole "we need ANWR or our energy future is dead" meme.

[babylonsister]

5. And that's a good thing! Now people like Sen. Kerry can point to

this study and tell Stevens to shove it! As for Murkowski, she's living in denial, it appears.

[Cirque du So-What]

2. 75¢ a barrel

and for how many days would ANWR reserves satisfy world demand? Not nearly enough to justify decimating that wilderness area! Hold the line on drilling in ANWR. It's just not worth it.

[bananas]

4. That's the key, cirque

Many Americans would warmly embrace a 75 cent reduction in gas prices,
if they didn't know how temporary it would be.

[Cirque du So-What]

6. It's even less than that

considering that the 75¢ reduction would be in a barrel of crude - not a gallon of gas. It would equate to less than 1¢ per gallon of gasoline.

[Burma Jones]

7. That's 75 cents a Barrel. A Barrel of crude is 42 Gallons - of crude oil

The Crude has to be refined into Gasoline. So, 75 cents a barrel would mean, at best, less than two cents a gallon at the pump.

[madinmaryland]

10. Actually it is 75 cents/barral not a gallon.

At that rate it would be about a 1.5 cent drop per gallon at the pump.

[Subdivisions]

13. It would supply world demand for about 3 months. Also, it would

be some years before production begins and then it would come out of the ground somewhere between 150,000 and 300,000 barrels per day.

One more thing, if I recall correctly, Japan would get that oil.

[TheCowsCameHome]

3. Ten years before the first drop flows, and even then...

...it would probably be sold to a foreign country anyway.

Meanwhile, Americans will ride around in their SUV's and overpowered vehicles, griping and moaning about $4+ gasoline, just as long as no one tells them what they can or can't drive.

[supernova]

8. I remember something like this

the last time they tried to vote on opening up ANWR. That the oil coming out of it wouldn't make that much of a dent in prices (or need) in any serious way.

Another example of oil cos blowing smoke.

Good for McClatchy for bringing it up again.!

[Vickers]

9. Wow, that sounds AWESOMELY KEWL!!!!

:thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup:

A savings of almost 1% in only a decade!!!!

:thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup::thumbsup:

[seasat]

11. And that's 75 cents ten years in the future. Imagine what oil prices wil be then

That's 6/10 of a percent at today's prices. If oil prices continue their exponential rise then it may be closer to a 10th of a percent in 10 years.

Added on edit: No wonder they put the fraction of a penny on the gas pumps. They want us to be able to view our savings from opening up pristine natural wilderness areas.

[KillCapitalism]

12. Nice, sending this to every RW'er I know.

This will be especially fun to send to a RW'er I know that said drilling in ANWR would bring oil prices down to $20/barrel.:crazy:

[babylonsister]

14. Great! Spread the word about what an awful idea this really is. nt