Oil Drilling in ANWR Won't Significantly Lower Gas Prices

CONservative Spin:

“As President Bush said in his April 29, 2008 press conference, opening up the Arctic National Wildlife Refuge would likely mean lower gas prices, as our Energy Department estimates it would yield one million barrels of oil a day. ”

CAF STAFF

PROgressive Response:

By Bill Scher

April 29th, 2008

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New Energy

Bush greatly misstates the Energy Department's conclusion. The AP reported in 2004: "Opening an Alaska wildlife refuge to oil development would only slightly reduce America’s dependence on imports and would lower oil prices by less than 50 cents a barrel, according to an analysis released Tuesday by the Energy Department ... if Congress gave the go-ahead to pump oil from Alaska’s Arctic National Wildlife Refuge, the crude could begin flowing by 2013 and reach a peak of 876,000 barrels a day by 2025. But even at peak production ... the United States would still have to import two-thirds of its oil..."

During the Bush presidency, crude oil prices have risen from about $30 a barrel to $117. Shaving off 50 cents per barrel, more than a decade from now, is meaningless as far as price at the pump.