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Reply to "Gas prices are outrageous... still Bush's fault??"

quote:
It is estimated that there are between 5.7 and 16 billion barrels of oil in ANWR. The Department of Energy website states that the US uses about 6.9 billion barrels of oil per year. Therefore, all of the oil in ANWR would last us anywhere between a little less than one year, to a little more than two years.


Yes, but crude oil is a highly fungible commodity. In other words, the oil in ANWR could be easily substituted with the oil from, well, anywhere else.

It's not as if we would exclusively use that oil for 1-3 years, run out, and then be begging other countries for their oil. Just adding that oil to the world market could drive prices down and put pressure on other oil producing countries to avoid price manipulation. That could simultaneously lower the demand for ANWR oil, thus ensuring it lasts longer.

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