Biggest opportunity missed was to proceed with exploration of that 2% wilderness area in the Great North that is predicted to have as much as as Iraq, Saudi Arabia, and Kuwait combined...but the left liberals and Demoncrats shot that down like a dove carrying an olive branch....
Then an equally big opportunity was missed recently by not supporting higher gas milage standards. ANWR is good for short-term profits but not for a long-term impact. Your figures, Rip, are not supported by clear heads, even in the oil industy. In fact, some in the industry think ANWR was just a smokescreen to distract congress from some of the significant corporate welfare provision in the bil(s).
As for "Alternative Fuel" research, well it's a piddling amount designed primarly for PR purposes, which seems to have worked. The Democrats strongly support alternative fuels though, as long as they involve Corn, ADM bribes (I mean campaign financing), Agri-Senators and heavy/hidden taxpayer subsidies.
There is too much money invested in the current petroleum infrastructure for there to be a change anytime soon.
A link:
Bush Oil Policy Charon