Thursday, June 12, 2008

Drilling is not the answer!!

I was in my morning routine today (watching CNBC to get a handle on the pre-market futures while I get ready for work) and Doug MacIntyre, Senior Market Analyst for the Energy Information Administration came on to discuss the "oil crisis".

Doug talks about the "benefits" of drilling in ANWR (Alaska), at around 4 min 30 seconds into this video clip. He quotes data from his most recent analysis for a report that he has provided to the US Senate. What his team found is that it will take 10+ years to get the oil from ANWR into our system, and that at the most, it will only reduce the price of oil by a few dollars per barrel. Please watch the video (you can forward it to that spot).

Wow, drilling in Alaska just sounds like such a great solution to our energy problems....NOT!!!!!!!

OK, we haven't had a poll in a while...new poll....should we drill for oil in ANWR? (vote to the right of this post).

3 comments:

Will said...

Steve -- you appear to be campaigning within 50 feet of the polling place. like inside the booth

Will said...

although you do mix it up by encouraging people to vote 'to the right' of the post

Don Martin said...

Sigh....

No one said it is THE answer. But that does make a nice straw man to attack.

Drilling in ANWR is part of the answer. To quote Jay Leno, "The Democrats say it will take 10 years before we can get any oil out of ANWR. That is the same thing they said when they opposed drilling there 10 years ago."

It will not produce enough oil to solve all the world's problems. But it will help. And it might lead to enough oil (5% chance) to effect prices dramatically.

The fact is that there is no silver bullet. Do you really think government research in alternative fuels alone will solve it all in 10 years?