Bush Exploration Co. His call for tapping the Alaskan refuge is surely hitting a chord with the oil industry. For years it has clamored for the right to drill in the pristine area believed to hold the largest untapped deposit of onshore oil and gas left in the United States. The federal government created the South Carolina-sized Arctic National Wildlife Refuge in 1980, in the midst of the second oil price shock, which followed the Shah of Iran's downfall. But they never made a decision on development. Advocates argue that drilling in the refuge would help the United States lower its growing dependence on foreign crude.
All sides agree that the oil and gas potential of the region is immense.
May. Together with state and tribal lands, where exploration is already permitted, the region could yield 5.7 billion to 16 billion barrels of recoverable oil, according to a 1998 U.S. Geological Survey study. That would dramatically increase the nation's total reserve base of 21 billion barrels of oil, the Energy Information Administration said. Production would likely range from 250 million to 800 million barrels a day, the government analysts said, with peak production between 650,000 and 1.9 million barrels a day. Government analysts note, however, that after getting the green light to explore in the refuge, producers might need seven to 12 years to obtain leases, receive the proper permits and conduct required environmental reviews. Sen. Frank Murkowski, R-Alaska, chairman of the Senate Energy and Natural Resources Committee and a longtime advocate of exploration in the refuge, is more optimistic.