ironist15

How Much Will Drilling in ANWR Affect Oil Prices?

I always enjoy your thoughtful analysis. In this case, I notice that you fall into the "too small to make a difference" camp, and I have a few comments. First, the North Slope produced a lot more oil than it was predicted to so we can't be too confident that ANWR will not do the same. Second, if ANWR alone isn't impressive enough, what about adding production off all coasts? Third, even if oil prices aren't reduced at all, it doesn't mean that producing our own oil is in vain. Drilling here means that the dollars stay at home, creating jobs here, and not further enriching dictatorships abroad; it also means a strengthening dollar and lower inflation since our trade balance will be improved. Finally, what is the risk of drilling? Oil leaks are much less likely than they were 40 years ago (the Santa Barbara spill). The caribou haven't died off on the North Slope, for example, and even the hurricane that sank New Orleans couldn't produce an oil leak in the Gulf. Let's ignore the hysterics and drill.