Arctic's oil could meet world demand for 3 years

[whopis01]

http://news.yahoo.com/s/nm/20080723/ts_nm/arctic_oil_dc

WASHINGTON (Reuters) - The Arctic Circle holds an estimated 90 billion barrels of recoverable oil, enough supply to meet current world demand for almost three years, the U.S. Geological Survey forecast on Wednesday.

3 years. Does anything else need to be said?

[GreenPartyVoter]

1. Phew! So glad we can stop worrying about that now!

[leveymg]

2. Good thing the polar icecap is melting - easier to get at it, now! Drill, baby, drill!

Let's nuke the remaining polar bears, while we're at it.

[TechBear_Seattle]

4. "Nuke an unborn lesbian whale for Jesus" n/t

[dipsydoodle]

3. Is it the case

that the economics of drilling there are influenced by the price of oil staying high ?

Apart from that I don't believe it should be assumed that the oil would be for domestic consumption - more likely as reserves for a military which cannot function in its absense.

[Muttocracy]

5. yep, I can relate - upstate NY natural gas drilling boom - for a 2 yr supply

Once I heard that, I got much more skeptical of the whole thing.

[Buzz Clik]

6. And ANWR contains about 10% of that total.

[xchrom]

7. 3 years. 3 years. -- and just think your average

republick party bubba thinks all that is america.

fuckin nothin.

[hatrack]

8. Plus, it's really easy to drill there, and there are lots of deepwater rigs just sitting around . .

Pathetic.

[Doctor_J]

9. 3 whole years? Better start drilling! Wait. how many dollars is that?

Of course if Chinese consumption continues to rise, it might be only 2 years.

OTOH, 90 bbl X $150/bl = $13,500,000,000,000. What is that in rubles?