Should we drill in ANWAR (Alaska) where there are proven oil reserves?
“Proven oil reserves”. Seriously, there is almost nothing there. Let’s say RIGHT NOW we decide OK, let’s drill for oil there. Do you know when people will see that oil? Just guess. Ten years. They’ll start seeing oil in 10 years. OK, that’s cool – better ten years from now than never, right? Now, we’ve gotten pretty good at estimating how much oil we can pump out. In 10 years, the peak estimation is 780k barrels a day. WOW!! Well, considering in 2005 (the only data I had on hand), we went through roughly 22 million barrels a day, it’s really not that much. A drop in the bucket, as they say. So if you work it out – and assume you get peak production in 20 years at DOUBLE the peak that we calculated earlier – which is unrealistically high but whatever, let’s just assume the best case is the actual case for arguments sake. It would knock off $1.30 a barrel, in the absolute best case. In the average case, it would knock off $0.70. Remember, this is at the PEAK oil production, which starts
