Quarter of earth’s hydrocarbons in Arctic region

Europe likes to lecture America about consuming too much fossil fuel. But with an unstable Russia causing widespread shortages and higher prices, it has its sights set on new oil and gas deposits in the Arctic, says Investor's Business Daily (IBD).

And with the alternatives to fossil fuels too expensive, the United States should be doing the same; using the resources available in the Arctic National Wildlife Refuge (ANWR).

There are several reasons, says IBD:

  • The Arctic region is home to a quarter of the earth's hydrocarbons.

  • The U.S. Interior Department estimates that ANWR has the potential to provide 9 billion to 16 billion barrels of oil.

  • Less than 2,000 acres of the refuge's 17.5 million acres would be used.

  • Previous Arctic oil and gas exploration has not had a negative impact on area wildlife.

  • Most Alaskans – including the Eskimos, who would be directly affected – favour ANWR development.

    It took Russia's wake-up call last winter to make the European Union get serious about a real-world solution to its energy woes, says IBD. What will it take to make congressional Democrats get serious and stop blocking access to the treasure trove waiting for America up North?

    Source: Editorial, Europe's ANWR, Investor's Business Daily, September 6, 2006.

    For text: http://www.investors.com/editorial/editorialcontent.asp?secid=1501&status=article&id=242348505605425

    For more on National Energy Policy: http://eteam.ncpa.org/issues/?c=national-energy-policy

    For more on Energy Issues: http://www.ncpa.org/sub/dpd/index.php?Article_Category=22

    FMF Policy Bulletins/ 12 September 2006
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