MagazineJuly 2008Dumb and Dumber

Dumb and Dumber

Bush’s recent push to open oil drilling in the Arctic National Wildlife Refuge and on the Outer Continental Shelf won’t actually help our current oil crisis, according to the U.S. Department of Energy. A recent study by the DOE shows the oil in ANWR and the OCS wouldn’t be available in significant amounts for a decade or more, and when it did become available, it would have little effect on the price of gasoline.

According to a statistical agency within the DOE, if congress voted to open ANWR to oil exploration today, it would lower the price of a barrel of oil by 1 percent. The question we need to be asking, is how much drilling in ANWR and the OCF would increase profits for oil companies?

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