Foreign Oil Still Cheap Oil

Published September 7, 2006

Dear Editor:

Regarding “Bush warns on foreign oil dependence” (Sept. 4), Bush never explains how buying oil from countries “that simply don’t like us” hurts our economy. The price for oil is the same for everybody on the world market. Saudi Arabia does not set one price for Kenya and a different price for the U.S.

We buy foreign oil because, even at today’s prices, it is the least expensive way to power our automobiles. How does switching to more expensive ethanol or battery power help our economy? Bush never says.

Bush claims “technology is going to enable us to become less dependent on oil.” That will likely be the case someday. For now, however, foreign oil remains the least expensive way to power our automobiles. Switching to anything more expensive would be a sure way to hurt our economy.

James M. Taylor

James M. Taylor ([email protected]) is senior fellow for environment policy at The Heartland Institute and managing editor of Environment & Climate News.