Craig Smith offers WTVN a solution to higher oil/gas prices
By David Bradshaw, IFN
Apr 27, 2006
Craig Smith struck a chord with Columbus, Ohio radio listeners yesterday afternoon as he offered some common sense strategies for reducing oil and gas prices with John Corby, radio host on WTVN.
"Gas and oil prices are doing just what they are supposed to in a free market of supply and demand. Higher prices spur big oil companies toward more exploration, new finds -- and more oil supply brings oil and gas prices down," said Craig Smith, author of Black Gold Stranglehold to Mr. Corby.
"Instead of demonizing big oil for 'price gouging' over the 8 cents a gallon profit they earn, politicians on both sides of the aisle should stop grandstanding and offer to do something constructive, like cut gas taxes, which amount to 59 cents a gallon." Smith said.
"As for 'Peak Oil' theories... they were big in the 70s, 80s and again now, yet today we have the largest known reserves in history, PLUS 7 Trillion barrels yet to come to the market in Canadian shale, ANWR, Offshore drilling, etc."
"If I were King for a Day, I would pursue a comprehensive oil policy that includes drilling,refining, distributing as well as alternative fuels and grassroots conservation."
"Short term, gas conservation of just 3-5% by 40 million U.S. gas consumers would send shock waves to big oil. Reducing demand will cause gas prices to drop."
"If the government would take the lead in offering to cut gas taxes, even temporarily, my guess is that big oil would consider cutting profits to help bring some short-term relief to U.S. gas consumers. But remember, U.S. gas prices are cheap compared to most developed countries."
What Craig Smith told CNBC "Closing Bell" about oil prices last week
Read more about the economic impact of rising oil and gas in Mr. Smith's Special Report: '$5 Gas Coming Soon'
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