What Happens When Oil Prices Go Down?
Interesting and sensible that the OPEC nations should finally conclude that the only way they can survive in this glutted oil market is through open competition.
Ironically, our own oil companies will undoubtedly cry out in protest as they are forced to abandon their collusive manipulations to keep prices up. (And don’t tell me they do not manipulate: I was an oil executive for 12 years with one of the majors.)
How sweet it is going to be come next March or April when the results of all this finally trickle down to us. We will be laughing all the way to the gas pump!
And what if cheaper prices do encourage too rapid a demand and threaten shortages? If that happens, an off-setting federal tax might prove necessary. I, for one, would not object to paying that tax, if I could be assured that he oil companies could no longer keep gasoline prices up artificially through mutual agreement.
LARRY DYSART
Santa Ana
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