Let the Drilling Begin!
Congress OKs ANWR
It will probably take 10 years before the oil starts flowing. The ANWR oil fields are expected to generate 1 million barrels of oil a day. Hardly a dent in the world demand. Most of the oil will probably be exported for a higher price if the U.S. dollar stays weak.
Here is a timeline leading up to the vote today. ANWR TIMELINE
Just in time too, because Oil Price just hit a record high today at $55+ per barrel. OPEC met today to vote on increasing oil production, but it is in doubt whether or not that will help lower oil prices. Even, ANWR will probably not help with that because of record demand. Can you say get use to $2/gallon gasoline.
OIL Demand outpaces supply!