The Price of Gas – Take Three

There are people in this country that in earnest recommend that we drill in the arctic in Alaska and offshore in California and in the south so prices come down.

If we start drilling today, we’ll have production maybe in ten years, and the numbers are so small that we can expect a price change of one percent.

Ten years ago [1998] the price of gas in this country averaged $1.03 per gallon.

It is now 4.5 times that much. At that rate, it would be $20 per gallon in 2018.

If gas is ONLY $20 per gallon in 2018, I’ll eat my Birkenstocks.

So let’s drill in Alaska, so the price of gas in 2018 will be one percent less, or about $19.80.

Try to remember that next time you see our president suggest that we need to drill for oil offshore or in Alaska.


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