It is unknown how much oil is underneath the ice, but it is estimated that between 3 and 16 billion barrels exist. The U.S. consumes nearly 20 million barrels a day, importing about 10 million of those barrels. Over the next 20 years, those numbers are expected to rise to about 27 and 18 million barrels per day, respectively. While supporters chant that ANWR holds enough to turn off Saudi spigots for 30 years, that statement is more propaganda than strong argument as Saudi spigots only supply the U.S. with about 1.5 million barrels per day. This fact made itself known earlier this year when oil prices spiked and domestic producers continued to export oil.
Oil is traded on an open world market, and the U.S. is subject to world prices.
To date, the most effective ways western nations have reduced OPEC influence have been through their exploitation of alternative sources of energy such as nuclear and coal, and by improving energy efficiency. For OPEC to be effective, not only must it need to control supply, but demand must also be inelastic. If substitutes were readily available, a price increase would be self-defeating for OPEC, as consumers would switch to an alternative. Electric, natural gas and fuel cell vehicles already exist. However, the irony is that if the president works to lower petroleum prices, the incentives to create a larger market for them will be diminished.