I'm not going to rehash the arguments pro and contra, that's been done to death already. I'll quickly summarize and give typical examples of the position of both sides..
Situation:
The total quantity of technically recoverable oil within the entire assessment area is estimated to be between 5.7 and 16.0 billion barrels (95-percent and 5-percent probability range), with a mean value of 10.4 billion barrels. Technically recoverable oil within the ANWR 1002 area (excluding State and Native areas) is estimated to be between 4.3 and 11.8 billion barrels (95- and 5-percent probability range), with a mean value of 7.7 billion barrels (table 1).
Quantities of technically recoverable oil are not expected to be uniformly distributed throughout the ANWR 1002 area. The undeformed area (fig. 2) is estimated to contain between 3.4 and 10.2 billion barrels of oil (BBO) (95- and 5-percent probability), with a mean of 6.4 BBO. The deformed area (fig. 2) is estimated to contain between 0 and 3.2 BBO (95- and 5-percent probability), with a mean of 1.2 BBO.
Typical argument Pro: No one knows exactly how much is there and I'd rather buy my oil from Alaska than Saudi Arabia.
Typical argument Con: Again, at our current rate of consumption, this is not even two year's worth. I completely agree that we need to cut the middle east oil apron strings, but I think we need to look to more longterm solutions than ANWR.
My compromise: Begin drilling, and get production ready to ramp on short notice. Once setup is completed, oil isn't to be pumped or sold on the open market. Rather, ANWR becomes the new U.S. Strategic Petroleum Reserve, ready to begin pumping at a moments notice, with a level of oil reserves (a couple of years rather than a couple of weeks) much more commensurate with our requirements, especially when on a wartime footing fighting terrorism.