There is a method to reduce the price of oil across the board. If the Federal government decided that they would be the principal buyer of all oil imported into the United States and declared that they would only pay thirty five dollars per barrel, who would the oil producing countries sell that forty percent of excess oil production to. The answer to that is no one. Every oil producing country depends on our buying up to forty percent of all the oil they produce, either directly or through cutouts. If the world suddenly had even a twenty percent glut of oil, the price would drop dramatically. We have enough oil reserves on hand to keep America going for at least a year and if we knew that sometime in the near future the price of a gallon of gas would drop by fifty percent or more we wouldn't mind paying a little more today. The President has the authority to declare that the price of oil presents a National emergency and can do this without the consent of Congress. Such an action would also cut off a lot of the funding of terrorist organizations because they depend on the oil rich countries to support these organizations. Unlike us, oil money won't be as charitable to Moslems who are cutting into their income.
keyboard shortcuts: V vote up article J next comment K previous comment