Sunday, July 13, 2008

Official US Report Says ANWR Oil Savings Is 75 Cents A Barrel

The US Energy Department says that if oil were tapped in the Arctic National Wildlife Refuge (ANWR), as Republicans and their oil industry pals are demanding, the projected savings in oil prices from this new supply would be 75 cents-a-barrel, when the oil begins to flow in ten years.

A 42-gallon barrel of crude oil converts to 19-20 gallons of gasoline, depending on the refinery, so the per-gallon savings, if passed on to motorists, would be pennies on the gallon.

And with the oil heading into the world market, much would go to China, India and other countries.

Can we get a little logic and honesty into this debate?

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