Balanced News: The dubious economic calculus behind the Willow Project

The Willow oil project, which is being led by ConocoPhillips, is a large new oil project in Alaska that is drawing criticism from environmentalists and climate advocates because its benefits are smaller and less certain than its boosters have suggested. The project is scheduled to start producing oil in 2028 or 2029, but it will take even longer for all three well pads to start producing at full capacity. The project’s oil will not be a perfect substitute for Russian oil and it will also deliver an ambiguous mix of costs and benefits to Alaska’s state coffers. The project’s main impact on the global oil market and American energy independence will be muted, and the project’s economic impact within Alaska is unclear.