Opinion

Letter: Oil barons have us over a barrel


Published: January 8, 2009

 

Editor, Townsman:

It seems like yesterday that we were paying more than $4 per gallon for regular unleaded. Right now, you can fill up your car for less than half of what you paid this past July. The steady price run-up during the past two years followed by a nearly free-fall reduction in price has many wondering what happened and how do we plan for the future. Will the price stay low or will history repeat itself?

A recent Wall Street Journal article reported on more cuts in petroleum production in the Middle East. The cutbacks will enable oil-producing nations to boost worldwide prices to levels that maintain foreign government revenue levels and avoid reductions in the cartel members' treasuries. Frankly, the Middle East oil cartel has us over a barrel — it controls production and world commodity prices.

Petrodollars and politics have created a toxic environment where terrorism flourishes and energy independence is stifled. Our reliance on foreign energy supplies has enabled oil-rich nations to enhance their standing in the world at the expense of our own. We have suppressed our own opportunities to create competing energy markets over the past generation by providing taxpayer subsidies to mature and profitable U.S.-based energy industries.

We have run out of time for debate and speculation. We must take control of our energy crisis. Federal and state government must provide leadership and resources that will affect a transformation of our society in how energy is produced, managed and used.

Many have begun to change their energy habits. They drive less, buy smaller cars, use public transportation, install solar panels and keep thermostats low. I believe we are witnessing the beginning of an energy revolution.

But to achieve energy independence, we must radically reduce our use of fossil fuels. There is no doubt that this will be painful. We must fast-track alternative energy propulsion systems, mandate higher efficiency standards for cars and trucks, increase appliance efficiencies, and phase out market-distorting taxpayer subsidies to mature and profitable energy companies.

So let us lead the world in an energy revolution, instead of being mired in dependency.

John F. Zipeto

14 Canterbury St.