Murkowski, Stevens tie ANWR to oil price

Tying domestic oil production to rising energy prices, Sens. Lisa Murkowski and Ted Stevens, both R-Alaska, introduced legislation on March 13 to allow drilling in the Arctic National Wildlife Refuge if oil prices hit $125 per barrel.

The American Energy Independence and Security Act of 2008 would open the 1.5 million acre Coastal Plain of ANWR if global oil prices hit $125 per barrel for a period of five days. Oil has been at record prices recently, approaching $110 per barrel over the past week.

Under the legislation, half of the first $3.5 billion of lease royalties from the exploration in the coastal plain would go to fund alternative energy projects designed to reduce greenhouse gas emissions. The other half would help fund the Low-Income Home Energy Assistance Program, the federal weatherization program and the Women Infants and Children Nutrition Program.

The bill would need to get 60 votes in the Senate to pass.

The three major presidential candidates have all expressed plans to keep ANWR closed to oil and gas drilling.

—Petroleum News