Friend of R-Squared and frequent commenter, Doug MacIntyre from the Energy Information Administration was on CNBC today explaining that demand destruction in the U.S. will be compensated for by increased growth in China. He also said that if we drilled in ANWR, their study showed that it would take 10 years and would only lower oil prices by $2.00/bbl. Check out the interview:
It was good to finally put a face and voice with the name, even if he was delivering news that most of the U.S. won’t want to hear.
Thanks to a reader for sending the link.