| March 31, 2010 |  |
Offshore Drilling Plan Fails to Deliver Energy Security
WASHINGTON (March 31, 2010) – President Obama announced a new offshore-drilling plan today, which would expand oil and natural-gas exploration.
Below is a statement by David Friedman, research director with the Clean Vehicles Program at the Union of Concerned Scientists (UCS).
"When it comes to saving oil, improving the fuel economy of our cars and trucks blows offshore drilling out of the water. Boosting the fuel economy of our cars and trucks to just 35 miles per gallon can save nearly as much oil as we currently import from the Persian Gulf, while saving consumers money at the gas pump. In contrast, opening areas of the Atlantic and Gulf Coast that were previously unavailable for drilling would lower gas prices by less than 2 cents a gallon 20 years from now, while providing less than two months worth of oil over the next two decades."
Background:
- The United States Can Not Drill Its Way to Energy Independence: The United States consumes nearly 25 percent of the world's oil, but holds less than 3 percent of the world's proven reserves. There is not sufficient domestic supply to meet U.S. demand. The only solution to cutting U.S. oil dependence is to decrease consumption through improved energy efficiency and expanding the use of domestic low-carbon alternative fuels.
- Fuel Economy Delivers Greater Consumer Savings: Based on data from the U.S. Energy Information Administration (EIA), UCS estimates that opening areas of the Atlantic and Gulf Coast that were previously unavailable for drilling would cut projected gas prices of nearly $4 per gallon by less than 2 cents per gallon in 2030. By contrast, the proposed fuel economy standards will have the same effect as cutting $4 per gallon gasoline prices in 2030 by about $1 per gallon.
- Fuel Economy Provides Greater Oil Savings and Energy Security: Based on data from the EIA, UCS estimates that expanded offshore drilling in these areas will provide less than two months worth of fuel between now and 2030. Specifically, UCS estimates that full access to the Atlantic and Gulf Coast regions would increase oil supply by about 40 billion gallons between now and 2030, while the U.S. currently uses about 25 billion gallons of oil and other petroleum products each month. By 2030, these new resources would yield as much as 250,000 barrels of oil per day.
By comparison, analysis of the president's proposed fuel economy and greenhouse gas standards for cars and trucks would provide oil savings of about 2 million barrels per day by 2030. That is almost as much as the United States currently imports from the Persian Gulf and nearly 10 times what expanded offshore drilling in the Atlantic and Gulf Coast could provide.
The Union of Concerned Scientists puts rigorous, independent science to work to solve our planet's most pressing problems. Joining with citizens across the country, we combine technical analysis and effective advocacy to create innovative, practical solutions for a healthy, safe, and sustainable future.
