The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (123508)	5/16/2008 12:14:29 PM
From: Sea Otter	Read Replies (2) of 306849

"I hear there is a ton of oil in GOM and Alaska" That's true John. But timeframes aside, it is useful to put this into the context of consumption. The GOM may yield some more oil, but it is heavily explored. It's like a pin-cushion now. ANWR is our biggest untapped known resource. So take a look: - ANWR has a mean estimate ~7B barrels of oil. - The US consumes ~25M barrels of oil a day. - Thus, ANWR represents 280 days of US oil use. So we could suck ANWR dry and it would buy us less than a year of US consumption. But it's even worse than that. Oil is a fungible resource - it is sold on the world market. All that ANWR oil will get sold to Japan as well as to Virginia. World consumption is now around 85M barrels day. So doing the math, ANWR would be sucked dry in about 3 months at that rate. I don't oppose ANWR. They can drill all they want for what I care. But some hold it up as some kind of panacea to solve our energy problems, which simply isn't the case. en.wikipedia.org

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