Drilling for oil in Alaska's Arctic National Wildlife Refuge would, at most, lower the cost of a barrel of crude oil by 50 cents

July 17th, 2008

Posted in

An Economy for All

Drilling for oil in Alaska's Arctic National Wildlife Refuge would, at most, lower the cost of a barrel of crude oil by 50 cents in 2025, a drop in the bucket compared to the $90 increase in the price of a barrel of oil during Bush's presidency. Suspending the 18-cent federal gasoline tax over the summer would, at most, cover the cost of a half-tank of gas. By a single vote, conservatives killed Senate legislation that would have ended major tax subsidies for Big Oil—a vote that John McCain skipped. No wonder, since McCain's energy plan would give away $3.8 billion dollars to the five largest American oil companies.

Source

AP. Study: ANWR oil would have little impact. MSNBC. March 16, 2004. http://www.msnbc.msn.com/id/4542853/. American Association of State Highway and Transportation Officials . American Association of State Highway and Transportation Officials News. American Association of State Highway and Transportation Officials. May 8, 2008. http://news.transportation.org/press_release.aspx?Action=ViewNews&NewsID=172. Center for American Progress Action Fund. McCain Plan to Cut Oil Company Taxes by Nearly $4B. Center for American Progress Action Fund. March 27, 2008. http://www.americanprogressaction.org/issues/2008/pdf/oil_tax.pdf.