This means that the drilling provision STAYS in the current budget proposal, which only needs the signature of one President George W. Bush to make it law. The downside is that in reality we won't see the fruits of this activity for years.

The Alaska refuge could supply as much as 1 million barrels day at peak production, drilling supporters said. But they acknowledge that even if ANWR's oil is tapped, it would have no impact on soaring oil prices and tight supplies. The first lease sales would not be issued until 2007, followed by development seven to 10 years later, Interior Secretary Gale Norton said.

Would have been nice to get the ball rolling four years ago, but better late than never. And the impact worldwide is already being felt. In anticipation of this move, OPEC just announced this morning that it will be pumping an extra half a billion barrels of oil per day.

The decision to boost output beginning April 1 will officially raise the group's ceiling to an all-time high of 27.5 million barrels a day.

Member States chalked it up to concerns over possible strong demand next winter. Next winter? Sheyah. Right. They know damn well that with more supply in the market and increased competition down the pike that it's time to sell as much as they can while they still hold whatever market share they can.

In addition to falling oil prices, what the envir-nut moonbats howl over this one. It's going to be entertaining to say the least.

Thanks to The Corner at NRO for the tip.

Posted by: Gary at 03:26 PM | No Comments | Add Comment
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