There is so much talk about drilling in the Arctic National Wildlife Refuge and offshore right now that it's hard to remember how we got ourselves into this mess. Yes, supply is dwindling. Yes, demand is going up. But the dollar's weakness is the biggest reason for gas approaching $5 a gallon. Were the dollar as strong today as it was 10 years ago, $140 would buy us closer to two barrels of oil.
The rest of the world is feeling the pain, too. But we are feeling twice the pain with our weak dollar and gas guzzlers. Low interest rates did not just destroy our housing and banking industry, it destroyed our currency. So instead of drilling offshore and hurting the tourism industry, let's look for long-term solutions.
Were Congress to announce a windfall tax on oil, investment (speculation) would flee from oil. Prices would come back down to reality. Besides, at this point in the bust and boom cycle, one's money would perform better if invested in alternative energy. Exxon is a foolish investment suited for the 20th century. We need to be thinking 21st century.
Instead of treating our sewage and letting it flow into the ocean, we could be turning it into gas using algae. We could also turn every dump into a fuel refinery using garbage. Sure beats turning our food into fuel! It's time to send the market a signal. Congress, Mr. President, we're waiting.









Discuss