Arctic Drilling Wouldn’t Cool High Oil Prices

Drilling for oil beneath the pristine tundra of the Arctic National Wildlife Refuge would do little to ease world oil prices, the federal government’s energy forecasters said in a new report issued in a week that saw oil surpass $130 per barrel for the first time.

Congress has fought bitterly for years over whether to allow oil companies access to the Alaska refuge’s 1.5 million-acre coastal plain, a habitat for seabirds, caribou, and polar bears. Oil company executives, called to Capitol Hill for a grilling over high oil prices, pointed to the untapped resources of ANWR and off the U.S. coastlines as evidence that Congress was as much to blame for the tight global supplies of crude as the petroleum industry.

But the U.S. Energy Information Administration, an independent statistical agency within the Department of Energy, concluded that new oil from ANWR would lower the world price of oil by no more than $1.44 per barrel