I mean we are talking about huge savings at the pump. By 2025, we could see a net savings of $0.02 per gallon!

The median case suggests the effect on gasoline prices in 2025 will be a mere $0.02 a gallon. The immediate effect will be zero as we’ll have to wait a decade to see any oil from ANWR. If this is Bush’s and McCain’s answer to today’s high gasoline prices, it is no answer at all. Menzie closes with this observation:

Yes those Republicans have all the right answers. Hell I bet if we throw in the offshore drilling we could see a savings of even 3 cents!