Jack Yetiv

OPEC Signals U.S. Rally

I believe Khelil is trying to fool us, and is apparently succeeding. First, it is clear from recent comments from Chavez, Saudio Arabia, Ahmadinejad, etc, that quite a few major oil producers are tickled pink with current prices and indeed, would CUT production if we started getting close to $100 again.

Therefore, whether Saudi Arabia can produce more or not (and I'm undecided on this question) is irrelevant--they have served notice that they won't do so.

As to cutting gas taxes in this country--that would be the biggest mistake we could make. We have to take our pain now--or take MUCH MORE pain later. If we had taken our pain 3 decades ago, we wouldn't be addicted to oil now. We use several times more oil per capita than Europe--we could eliminate imports entirely, and still be using much more oil.

We need a Manhattan-type project to get off this addiction, and do it quickly, and high oil prices is exactly (and unfortunately) what Americans need to motivate them to decrease demand.

Jack Yetiv