Official Government Statistics Corroborate That Drilling Won’t Reduce Oil Prices
On Wednesday night’s “Hannity and Colmes”, Karl Rove disputed my statement that the Energy Information Administration has claimed that drilling for oil would not reduce prices.
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For the lower 48 OCS [Outer Continental Shelf], annual crude oil production in 2030 is projected to be 7 percent higher-2.4 million barrels per day in the OCS access case compared with 2.2 million barrels per day in the reference case (Figure 20). Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.
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