Oh, and that's in 2025. Here's some analysis using the Department of Energy's "Analysis of Crude Oil Production in the Arctic National Wildlife Refuge" (May 2008)
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.
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.
The median case suggests the effect on gasoline prices in 2025 will be $0.02 a gallon. The immediate effect will be zero as we’ll have to wait a decade to see any oil from ANWR. (Link)
I understand it makes good politics to respond to high gas prices by claiming new exploration will take care of the high price of gas and those damn Democrats are getting in the way of cheap gas for everybody. But any oil still to be found and pumped is many years away, would be bound for the global marketplace, and sell at market pricing. (Do you really think American oil companies are going to give U.S. customers a "sweet deal" when they can sell it at global pricing on the open market?)
I want to know more about Oil 2.0 products. Necessity is the mother of invention.
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