FDD's Alykhan Velshi discusses America's dependence on foreign oil in this week's Notes & Comments. He quotes AEI Resident Fellow David Frum -- "someone who truly understands the economics of oil":
If we are concerned that oil comes from the wrong places, we should be developing policies that bring new oil to market from the right places. One way to achieve that would be for the oil-consuming democracies to form a cartel of their own. Aside from third-ranking China, the top 10 oil importers are all democracies. Six of them -- the U.S., Germany, France, Italy, Spain and India --have been targeted victims of Islamic terrorists. Together, these democracies could reshape the world oil market by setting criteria for responsible international behaviour -- and then imposing a tariff (say US$12 a barrel) on any oil exporter that failed to live up to those standards.
Comments