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Bitter Medicine


I’m no fan of OPEC, but some of Raymond Learsy’s policy recommendations seem a little much. More government subsidies for altenrative fuels and energy conservation are standard fare, but gas rationing? No thanks. The biggest threat of OPEC is that it can cut production and increase oil prices — so how does it make any sense for us to beat OPEC to the punch by cutting supply and increasing prices ourselves? Importing oil has costs, but so do policies to reduce oil consumption. The latter are only worthwhile if they are less costly than the former. The aggressive pursuit of “energy independence” does not pass this test.


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