Monday, July 7, 2008 | 2:04 a.m.
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Jim Stockhausen, in his Wednesday letter to the editor, states that if the supply of oil dramatically increases, the price of oil will fall. The problem with this is that even the rosiest of pictures painted by the oil industry indicate the Arctic National Wildlife Refuge will, at its peak, produce only 2 percent of the world’s oil.
At that rate, the price of gas would drop by only 8 cents a gallon, and that would be two or more years from now. Who’s to say what the cost of oil will be then? Gas prices were very high in the late ’70s, only to fall to extreme lows in the ’80s and ’90s. The price of oil rises and falls in cycles.
If you don’t like the price of oil, look within yourself and your family and see where you can cut back. Only then will we, as a country, be energy independent.
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