UC Berkeley Professor Discusses President Biden’s Ban on New Offshore Oil Drilling
January 8, 2025
CBS News
Severin Borenstein, Energy Institute Faculty Director, appeared on CBS News to discuss the offshore oil drilling ban recently enacted by outgoing President Biden. Borenstein argued that there is insufficient evidence to suggest that the amount of oil involved would have a meaningful impact on the market.
“I think that it will have a small effect on the world price of oil, and in doing so everyone will pay a tiny bit more for gasoline and oil products…it will potentially avoid some offshore oil spills which we know can really be damaging to the environment and to the local economies. And to the extent there was some drilling that was going to be done here it might reduce jobs a bit. But all of these are just going to be so small relative to the overall oil market that I don’t think anyone really is going to notice the difference.”
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