How much Oil is in the Arctic Refuge?
The U.S. Geological Survey (USGS) updated its estimates of petroleum resources in the Refuge in 1998 by re-analyzing the original seismic data from 1984-1985 along with more recent data from seismic surveys and drilling in adjacent areas. Using the updated report and recent oil prices, the USGS estimated that, assuming a price of $24 per barrel, there is a 95% chance of finding 1.9 billion barrels (BBO) of economically recoverable oil in the Arctic Refuge’s 1002 Area; a 5% chance of finding 9.4 BBO; and a 50% chance of finding 5.3 BBO. At prices less than $16 per barrel, there is no economically recoverable oil in the 1002 Area. (Present oil prices are ranging between $25 to $35 per barrel.) Nearly 1 million barrels of oil a day are produced from the existing oil fields in areas west of the Arctic Refuge, and new wells are brought into production each year. Americans use 19 million barrels of oil each day, or 7 billion barrels of oil per year. There is, therefore, a 50% chance of findi
