Moderately Higher Oil Prices Would Spur Domestic Industry, Ease Need for Imports
- Share via
Philip Verleger’s viewpoint that the “U.S. Could Do a Lot More to Cope With Oil Crises” (Aug. 12) presents a rational analysis of the problems. In closing, he advocates that higher energy prices, though not popular, should be part of the solution.
However, he should have included a fourth point. Our increased use of foreign oil is the result of five years of depressed crude oil prices making many of our domestic oil fields uneconomic. The greatest potential for reducing our dependence on imported oil (and hence future economic stability) is by allowing moderately higher oil prices to revitalize the U.S. Oil Patch. This won’t result in proportionately higher gasoline prices since it will restore the balance of profit between petroleum production, refining and marketing while reducing the trade deficit.
CHRIS HALL
Torrance
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
