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Originally Posted by spronk  The ANWAR thing is just political bullshit, at peak production it would produce 900k barrels a day. For just 10-15 years btw.
Oil consumption is currently 75 MILLION BARRELS A DAY worldwide. US consumption is over 20 million daily. So its 0.5% of daily US or 0.1% of worldwide - saudi arabia or russia alone can ramp up more than anwar if they wanted to, in a single week.
Its good that we have that extra oil, but its impact on long term oil futures contracts would be minimal - in some ways, you could even say futures already price in the eventual release of ANWAR into the worldwide oil supply. |
Your numbers are way off. The USGS thinks ANWR could supply 5% (not .5%) of U.S. daily oil consumption for 12-32 years, not 10-15. And that ignores the inevitable
technological advances that will make more oil in the field recoverable.
And a lot of the rise in oil prices is the result of rampant speculation. Opening ANWR could settle that down a bit.