The petroleum-exporting countries have kept America as a gigantic fish on a steel line for nearly 50 years, reeling it in slowly, and letting it out (relaxing oil prices), when the United States made purposeful noises about raising domestic production, cutting consumption, and going to alternate sources. As soon as OPEC fine-tuned the fishing reel, the great fish went with the docility of the addicted consumer back to its default position mainlining on foreign oil at steadily increasing prices and in ever larger quantities. Every president starting with Richard Nixon warned of the danger in this addiction, but none has done anything useful about it. There must be an emphasis on cheap and plentiful natural gas, more nuclear (with maximum safety standards), more off-shore drilling (with maximum environmental-protection arrangements), and higher gasoline taxes to raise revenues and restrain use. All of this will bring down the international price and reduce the amount of money available for the Iranians, Saudis, Venezuelans, and others to finance terrorism around the world, and will ultimately reduce U.S. defense costs. None of this has been done, though the need for it has been obvious for decades.
Conrad Black, “Why America is suffering”, National Post, 2011-06-11
June 11, 2011
QotD: OPEC’s 50-year fishing trip
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