Drilling ANWAR will not reduce the price that we are paying now. ANWAR will take years to come on line and will only knock about 50 cents of the cost of a barrel of oil. Expanding the supply to lower the cost is no longer an option, given the extent to which China and India are increasing their consumption of oil. I agree with Charles Krauthammer: put a tax on gas that holds the price of a gallon of gas at $3.00 and use the revenues to fund the development of alternatives to oil. The era is of Cheap Oil is over. The fat lady has sung. Stick a folk in it, it's done.
Correct, sweet or light oil peaked in early 2004 and has been in decline every since. There is still plenty of heavy oil and this is the abundant supply they speak of. Many refiners can't handle heavy oil and there is no guarantee that An war will be sweet oil.
The era is of Cheap Oil is over. The fat lady has sung. Stick a folk in it, it's done.