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ANWR oil drilling cuts some oil imports - U.S. Gov't

The Energy Department released a report suggesting that opening ANWR to oil drilling would increase daily U.S. oil output by almost 1 million barrels and reduce some oil imports. Here is a story summarizing the report.

WASHINGTON, Aug 1 (Reuters) - Opening Alaska's Arctic National Wildlife Refuge to oil drilling would increase daily U.S. oil output by almost 1 million barrels and reduce some crude imports, the government said on Monday.

Now that the Congress has passed a broad energy bill, lawmakers will turn to the next phase of the Bush administration's national energy plan -- giving oil companies access to ANWR.

Republicans plan to add ANWR drilling language this September to legislation that funds the federal government, because the huge spending bill can not be filibustered in the Senate.

If Congress approved drilling in ANWR this year, the first oil would not begin flowing until 2015, assuming the government leases the first exploration tracts in 2007, according to the Energy Information Administration.

The Energy Department's analytical arm released a report on Monday on the oil supply effects of drilling in ANWR.

About 10.4 billion barrels of crude could be recovered from the refuge, with the largest field at 1.37 billion barrels and brought into production first, the EIA said.

View the whole article here.

Permalink :: Posted by Clay Butcher on August 03, 2005 :: ::
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