Opinion

Waiting to hear from secretary of energy

Posted July 16, 2009 11:00 pm

In reply to Tom Racjan's letter regarding gasoline prices, oil prices, I sent an e-mail to the U.S. Secretary of Energy four weeks ago discussing the very same thing. I have not gotten a reply.

I think that it's the speculators that are the main culprits. But I also mentioned that it is a worldwide problem, and trying to stop speculation only here in the U.S. will not help. I suggested that the secretary organize a global meeting with his peers around the world and try to regulate speculator trading worldwide. I gave an alternative: Increase the margins from 25 percent to 75 percent, and then borrowing money to speculate with would pose too much of a risk, and speculation would drop off.

I don't think that this administration wants that. I believe that they want the energy prices to increase (through the cap and trade law) so that alternative energy sources would look more attractive and the public would accept them.

Don Picha

Glen Ellyn

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