Solving US Dependence on Foreign Oil
The front-page article "Election Ignores US Dependence on Foreign Oil," Sept. 3, is timely and basic to solving the economic problems of the United States. Massive importation of oil is the chief cause of our severe balance of payment.Skip to next paragraph
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I propose two solutions to this balance of payment: place a $25-per-barrel import tax on all imported oil and encourage domestic oil exploration by creating the right economic climate. A good economic climate would be where investors' tax incentives were back in place, and there were stable crude oil prices.
An oil-import-tax, while benefiting the domestic oil industry, provides revenue for health and welfare, aid to education, and a viable means to pay off the national debt. Higher crude oil prices would also encourage using alternative fuels.
Our entire economy is geared toward the use of oil, and our high standard of living is based on the consumption of petroleum products. Until we find a feasible alternative product, we had better start exploring for new oil in this country. Kaye R. McCowen, Castaic, Calif.
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