API insists ANWR, new offshore drilling would help markets

04/30/2009 | Reuters

The American Petroleum Institute's chief economist, John Felmy, rejected reports presented at the Milken Global Institute Conference this week that said drilling on the Outer Continental Shelf and in the Alaska National Wildlife Refuge would have a negligible effect on gasoline prices and that new supplies could not be transported safely through the Trans-Alaska Pipeline. Felmy said the pipeline has excess capacity and new drilling in the U.S. could put up to 1 million barrels per day on the domestic market.

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