FOR IMMEDIATE RELEASE
April 10, 2008
10:56 AM
CONTACT: Public Employees for Environmental Responsibility (PEER)
Carol Goldberg (202) 265-7337
US Offshore Leasing Premised on Future of Cheap Oil
Planning Assumes $30 a Barrel Oil to Minimize Potential Environmental Impacts
WASHINGTON, DC – April 10 – With prices surging past $112 for a barrel of oil, the federal government is basing its Arctic offshore drilling plans on the assumption that oil will cost only $30 a barrel and not rise beyond $46 a barrel by 2012, according to agency records posted today by Public Employees for Environmental Responsibility (PEER). These vast underestimates were based on old forecasts which the Bush administration refused to update for fear of slowing leases sales in the Arctic Outer Continental Shelf.