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Bush Economic Team Calls for Domestic Oil Production

In a roundtable interview, Chairman of Council of Economic Advisors Gregory Mankiw and Director of the National Economic Council Stephen Friedman call for development of the Arctic National Wildlife Refuge (AMWR) and more domestic oil production to offset a growing world economy. Dr. Mankiw claims if ANWR had been open to drilling a decade ago, it would now be producing a million barrels a day.

Q So if you took it to the next step, we could expect that -- if that demand and growth continues worldwide, and the demand on oil continues, and that we should expect prices to remain --

DR. MANKIW: Well, no, what's important -- what's important is as the world economy grows, the demand for oil will grow. What's important is that the supply grows, as well. And that's why, as Steve said, it's welcome news that OPEC is expanding oil production. But it's also important that we think about expanding production in the United States.

The President has called for ANWR to be explored. And the President said at the Cabinet meeting -- I think it was last week -- that if ANWR had been signed into law when it came to the previous administration's desk 10 years ago, today, ANWR would be producing about a million barrels --

MR. FRIEDMAN: Up to --

DR. MANKIW: Up to a million barrels per day, which would have a significant impact on today's oil prices.

Read more - "Roundtable interview..." [White]

Permalink :: Posted by Clay Butcher on June 05, 2004 :: ::
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