On his recent visit to Alaska, Interior Secretary Ryan Zinke began laying the groundwork to open the 3% of the Arctic National Wildlife Refuge contained in Area 1002 to oil development.  He ordered a new assessment of the area's potential oil reserves. The most recent comprehensive study by the United States Geological Survey was completed in 1998, and its mean estimate of recoverable reserves in Area 1002 was 7.7 BBO (billion barrels of oil).  At $45 a barrel, that's $346 billion.  Most of this oil lies in the western portion, near the terminus of the Trans Alaska Pipeline at Prudhoe Bay. Development of Area 1002 alone would fill the Alaska pipeline, currently running at 25% of capacity,  for a minimum of 10-15 years.  Additional development of the National Petroleum Reserve, Alaska could add as much or more.  And recall that this USGS survey is 19 years old.  The new, revised numbers could be eye-popping. The...(Read Full Article)