If, as the U.S. Environmental Protection Agency has noted, the fuel efficiency of vehicles in general were to be increased by a mere three miles per gallon, this alone would result in a savings of one million barrels of oil per day. The 2001 Bush-Cheney Energy Plan also noticed this, but quietly. After all, one of the first things they did when coming to office was rescind the new mile-per-gallon targets Clinton's administration had set for the auto industry. George W. Bush also reduced the Energy Department's energy-conservation budget by $227 million.
All of this could have some big repercussions on future discussions of Canadian sovereignty.
Full article: Bush's Canadian Fans Get Big Idea on Oil
Note: Bush's Canadian Fans Ge...
Bush's Canadian Fans Ge...

Other than it's potential for ecological disaster (the arctic is more sensitive than most ecological systems), there are lives at stake. The area where this drilling is to ocurr is the prime birthing area for caribou. That caribou herd is the prime source of food for many arctic residents in the Yukon and NWT. If the herd disappears, these people will starve.
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"If you must kill a man, it costs you nothing to be polite about it." Winston Churchill