Michele Bachmann (R-MN) warns that when it comes to drilling for oil, Democrats are up to their old tricks. The want drilling done in an environmentally safe way, they want the work done by union workers and they want to force those poor oil companies to either develop the leases they already hold or lose them. Damn libruls!
Now, I'm willing to guess that, even though Michele Bachmann just returned from ANWR, she's not an expert on oil drilling. I'm not either. So I consulted one. The Energy Information Administration. The official federal source for energy statistics.
Know what they said?
The impact on world oil prices from drilling in ANWR would be negligible, maybe a reduction of 75 cents a barrel, which today costs $121.78. And that's over more than 10 years. Pardon me for not wetting my pants in excitement.
(Furthermore, EIA reports, as so many have, that we really can't be sure how much oil is actually there. While our estimates are informed, they're just estimates.)
Considering the devastatingly small rate of return, Bachmann's bitterness toward ethical environmental and labor policies becomes even more petty.
The answer to this problem isn't simple, and it's probably not in the Arctic National Wildlife Refuge. We need members of Congress to stop recycling inefficacious and inviable "fixes" and start talking about the necessary revolution.