With the latest extension of OPEC’s production cut set to continue for an additional nine months President Trump believes it is a good time to reopen the discussion on Alaskan drilling. It has long been suspect that the vast 19-million-acre Arctic National Wildlife Refuge (ANWR) contains large untapped reserves of oil. By opening this area for commercial development President Trump proposes attempting to help alleviate two problems simultaneously.
The new White House budget proposed this week suggests taking in nearly $2 billion in federal revenues selling oil and gas leases in the oil-rich section of the ANWR. This will avoid taking on another $2 billion dollars in debt while decreasing America’s dependence upon foreign oil.
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