[Graeme]

We Need To Solve The Oil Crisis--Now

$this->bbcode_second_pass_quote('', 'I') am writing this column against the advice and wishes of my editor, because I believe that America is in danger and we must do whatever it takes to save the country. My recommendations about keeping oil prices under control may not be great ideas--or even good ideas.

My point: As a nation, we need to start thinking about the problem and preparing ourselves to take drastic steps if necessary.

My first suggestion is that we first straighten out our own financial house. I propose the old cure: that we stop spending more than we take in, and that we balance the budget. Our national debt is now $9 trillion and the annual interest payments are more than $200 billion.

If this means drastic spending cuts and higher taxes, so be it. This is an economic crisis.


Next, we need to do something about the speculation in oil.

A stiff tax on oil profits from speculation sounds leftist, but I think it is something we should consider. Another option is a high margin requirement on the purchase of oil futures. Let me make it clear that I am not against businesses such as airlines using hedging techniques to protect themselves against sharp swings in oil prices, because such companies are end users of petroleum products. What I propose is making the rules tougher for everyone else.

How about having the IRS do a full-scale income-tax audit of any commodity trader speculating in oil futures?

We might need stronger measures for reducing fuel use to show our determination. For example, going back to a system used in earlier energy crises that allowed motorists to refuel every other day, depending on whether their license plates end in odd or even numbers.

Naturally, we will have to allow oil drilling in some places where laws currently prevent this from happening. I also think that the government should enact stronger tax incentives to encourage people to buy fuel-efficient cars.

[mattduke]

Most dumb people don't cause too much damage. It's the energetic dumb ones you have to watch out for.

[joewp]

$this->bbcode_second_pass_quote('Forbes', '
')Naturally, we will have to allow oil drilling in some places where laws currently prevent this from happening.

[erb]

oh come on of course he does.

dont forget we're druggies and need to get as much and as fast as possible.

bring on the wildlife refuge

[auscanman]

If this is the drivel coming out of top business journals in an attempt to seriously address peak oil, then we're well and truly doomed.

[cipi604]

$this->bbcode_second_pass_quote('auscanman', 'I')f this is the drivel coming out of top business journals in an attempt to seriously address peak oil, then we're well and truly doomed.

[kokoda]

The best solution is to jack up the price of fuel even further.

Tax the hell out of the stuff and use the money to build public transport systems, encourage communities to depend more on local food production, and seek alternatives to fossil fuels.

Increasing the cost of fuel will discourage waste and extend the life of existing oil reserves. Vital industry and services would get tax cuts to compensate extra energy costs.

Better to suffer a little pain now than a whole lot of misery later on.

[aflurry]

$this->bbcode_second_pass_quote('kokoda', 'T')he best solution is to jack up the price of fuel even further.

Tax the hell out of the stuff and use the money to build public transport systems, encourage communities to depend more on local food production, and seek alternatives to fossil fuels.

Increasing the cost of fuel will discourage waste and extend the life of existing oil reserves. Vital industry and services would get tax cuts to compensate extra energy costs.

Better to suffer a little pain now than a whole lot of misery later on.

[joe1347]

Hey, at least the mainstream press is finally both acknowledging that there is a real problem as well as talking 'somewhat' intelligently about solutions. Granted the current administration will not take any positive steps, but with the media talking more and more about 'the oil crisis' along with gas getting increasingly expensive, public opinion will continue to move in the right direction and eventually force whoever is in office to act.