Letter to the Editor - April 14
Oil as a utility?
April 14, 2022 | View PDF
Americans should ask the fundamental question: what is the difference between what a public non-profit utility company provides and what a private for-profit oil company provides? After all they both sell energy to all United States citizens.
The difference is that natural gas and electricity are sold in the form of a public good whereas oil is sold in the form of a private product.
Accordingly, on the grounds of promoting national security, the United States Congress should convert all oil companies to utility companies. This would eliminate windfall profits and force the oil industry to earn enough income to cover operating expenses - just as natural gas and electric utility companies are required to do.
The resulting drop in gasoline prices would further stimulate the economy and lighten the energy stranglehold the Middle East has on the United States. It would also deflate the influence of the oil lobby.
In this case, desperate times call for deliberate measures. But as pathetic as the energy policy is in the United States the effort to develop alternative energy sources won’t really be accelerated - until the oil dries up and the Saudis place solar cells all across their desert - and then sell us the electricity.