Claims that the ConocoPhillips venture will secure energy independence and Alaskan prosperity don't hold up to scrutiny. grist
. But experts told Grist that the energy and economic benefits of the project are smaller and less certain than its boosters have suggested. Not only will the Willow project provide an insufficient substitute for Russian oil, but it will also deliver an ambiguous mix of costs and benefits to Alaska state coffers, which have long relied on fossil fuel revenue that is increasingly hard to come by — even with new drilling in the Arctic.
Second, the particular kind of oil that Willow will produce isn’t a perfect substitute for the oil that the U.S. once bought from Russia. The chemistry of petroleum beneath Alaska’s North Slope is different from both light shale oil and the heavier oil that tends to come from places like Russia and Venezuela, so it will need to be blended with other oil in order to enter domestic refineries, which are mostly designed to refine specific types of crude.
Indeed, the federal Bureau of Land Management’s own analysis found that Willow’s effect on the global energy market and American energy independence will be muted. According to the Bureau’s final environmental impact statement, only around half of the oil produced from the project will replace foreign imports from tankers and pipelines, with around 30 percent replacing other oil extracted in the United States.
Even if ConocoPhillips does find buyers on the West Coast and overseas, Willow’s overall impact on oil prices will likely be small. According to the Bureau’s model, Willow will lower global oil prices by about 20 cents a barrel for as long as it operated at peak capacity. As of late Wednesday, the Brent oil benchmark was trading at around $75 a barrel.
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