If Pickens’ View Prevails, the Cost to Public Could Run Into Billions
Your condensation of the Timothy Wirth, Fred. L. Hartley and T. Boone Pickens House testimony (“Should Congress Stem the Rising Tide of Takeovers?” April 14) was excellent. Each point of view came through loud and clear.
Pickens reflects the view of the “quick-buck” raider. He uses platitudes about free enterprise and the profit motive to sugar-coat his goal: short-term financial gain for his group at the expense of the consumer and the government. His approach is to bid up the price on existing reserves for a quick profit rather than develop new energy sources. He would load companies with a staggering debt that stifles exploration and research. Most of the profits would go to pay interest.
In contrast, both Hartley and Rep. Wirth make sound economic sense in their points of view.
Consolidation in the oil industry could lead us back to the Standard Oil monopoly and cost consumers billions over the next 10 years.
JAMES L. PYLE
Woodland Hills
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