I'm Pete du Pont with the National Center for Policy Analysis. Before you lose sleep over rising gasoline prices, a few facts.
Unleaded regular's about $1.50 a gallon, fifty percent higher than last year. A barrel of oil has tripled in price in twelve months. If prices stay high, count on special interest groups' whining for Washington to "aid consumers." demagogues will blame oil companies for "profiteering." well, in the '70s, "doing something" led to taxes that limited exploration and drilling and kept prices high. The 1979 gas lines were courtesy of the carter administration's "doing something." there was plenty of gas, but the energy department distributed it according to outdated information and chaos ensued. D.O.E. price controls further fouled things up.
But now, gas prices, adjusted for inflation, are well below their 1981 peak. Also, incomes are higher, gas consumes a smaller part of the family budget, and auto fuel efficiency is up 50 percent.
If the Clinton administration wants to "do something" it should cut Federal Gas Taxes, open up some more areas to oil drilling to increase supply, and butt out.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont. Next time, the Los Angeles teacher strike.