‘Floating’ Tax on Oil

* Concerning the recent worldwide oil glut (Nov. 30):

America has been handed a golden opportunity to score big; unfortunately we will almost certainly fumble the chance away by making it yet another political football.

The much-debated Clinton gasoline tax has had no discernible impact on gasoline prices, thanks to the oil glut. And it is virtually assured that prices, left to themselves, will continue to fall. Why not take the opportunity to add a “floating” tax to partially maintain the price of oil-based products at a constant level? As oil’s price falls, the tax would be applied. As oil’s price rises, the tax would be removed. This would also be a ready source of revenue in the short term to help reduce our deficit and/or fund cost-effective repairs to our country. Finally, it would help control our dependence on foreign oil by maintaining a price sufficient to keep us from going on a binge.

JOSEPH BARRETT BLAND

Solvang