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A New, "Only on Fox" Reason Not to Drill in ANWR (Just Yet)

Reported by Melanie - August 7, 2006 -

The second segment today (August 7, 2006) on Your World w/Cavuto was a roundtable discussion with some of Cavuto's "business team" members about whether it's time to drill in ANWR given the shutdown of BP's oil pipeline in Alaska. (Anytime there is even a minuscule glitch in something, anything, having to do with oil, Cavuto airs a segment about drilling in ANWR.)

One of the participants was Jonas Max Ferris, the proprietor of Maxfund.com and a cast member on Fox's Saturday morning "business news" program, Cashin' In.

Ferris advised against drilling in ANWR using an argument I've never heard before:

Cavuto:

All right, now Jonas, we're at 77 bucks a barrel. I guess the inflation-adjusted high would be if we got into the upper 90's. We gonna get there?

Ferris didn't answer Cavuto's question but he did say this:

Well, we'll definitely eventually get there. I mean, there's only so much oil in the world period, and we're going to eventually drill all of it, whether we drill it soon [sic] or later. Personally, I'm for later and the reason why, it's not such an environmental thing, is that whoever owns the oil is going to have power later and we don't want to go through all our oil first. We've already gone through pretty much our land oil in North America except for Alaska. We want to consume the oil from the Middle East and Russia so we have the last oil. Then we can go off shore and off Alaska and have our own secure reserves later, otherwise countries like Iran and Russia will have more power later.

Comment: Imagine this as an energy policy. Play this insane scenario out in your mind for a minute. Would you want to live in that world?