FT.com / Comment & analysis / Editorial comment - Solving the $130 oil conundrum
Our elected officials are grilling all of the oil executives in a debacle of staged theatrics that should qualify them for every Tony issued this year. And they could drop prices simply by drafting legislation and voting.
Number one is to increase domestic production. Our drilling methods and practices are much advanced over what they were which makes the environmental impact much less than it used to be.
Number two is to require the BIG OIL boys to pony up some of this "windfall" profits (which seem astronomical, bur really aren't that huge) in new refineries away from the storm sensitive coastal areas.
Number three would be to fast track all environmental impacts to under three or four months.
And last would be to make money available (by the elimination of non-vital gov't programs: arts et al) for the study and implementation of viable alt-energy technology with priority placed on wind and solar energy.
Simply by voting and placing this policy into effect prices would plummet and we could all breathe easier. But we could not relax our stance and slack off as I am not all convinced that OPEC is not squeezing us with subversive intentions.
Get on it, Gov't. Stop the theatrics and DO SOMETHING!!!
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