The Truth About Crude Oil Production in ANWR

http://jec.senate.gov/index.cfm?FuseAction=Reports.Reports&ContentRecord_id=77afe2d6-0615-20c9-f737-0ec0886c6668

U.S. Congress Joint Economic Committee
June 10, 2008

The recent run-up in the price of crude oil has prompted new calls for the Federal government to increase its petroleum production by allowing exploration and drilling in the Arctic National Wildlife Refuge (ANWR) along the northern coast of Alaska. While there is a strong incentive to provide much needed relief to American families who are currently struggling with high gasoline prices, analysis of ANWR’s projected contribution to crude oil markets suggests that relief will be neither substantial nor timely in its effect. Based on Energy Information Administration (EIA) projections of the effect of ANWR on crude oil prices, we estimate that opening up ANWR will reduce gasoline prices by just one cent, starting in 2018.