Thursday, May 1, 2008

Oil - ANWR And The Democrats

Democrat Fiction: ANWR isn’t worth it.

According to House Minority Whip Steny Hoyer, drilling in ANWR “will produce no oil for a decade and do nothing to end our addiction to oil.”

Fact: Yes, it may take a decade for ANWR oil production to get going. But keep in mind that President Clinton’s veto of ANWR in 1995 was upheld thanks to Hoyer and his colleagues. Had that veto been overridden, we could now be seeing an additional one million barrels of oil a day flow into a world market with virtually no excess capacity. Those million barrels would help ease prices.

Steny Hoyer has the audacity to say ANWR oil is not worth it. In 2008 if we were pumping one million barrels per day at $120.00 per barrel that would equal $120m per day. Over the course of one year that would equal $3.6b per month and $43.2 billion per year. That's $43.2 billion that wouldn't be going to Saudi Arabia, Mexico, Canada, etc.

Consider this, in February 2008 we imported 9.6m barrels per day. The 1.0m barrels per day from ANWR could replace 10% of the total imports. Put another way we imported 945,000 barrels per day from Venezuela in February 2008. If we had ANWR oil today we could tell Venezuela to kiss off.

The only thing Democrats want to do is conserve which is a great idea but we also need more internal sources of energy including nuclear, cleaner coal, alternative fuels, and more oil. (Tim)

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