NYT: March 26, 2000
The Price of Oil
Letters Index
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To the Editor:
As a former oil trader, I think there are several issues to consider
about the currently high price of oil ("Clinton Calls for New Pool of
Heating Oil for Northeast," news article, March 19).
The tightness in the oil market is directly attributable to our
country's lackluster research and development in alternative fuels and
the improvement of vehicular fuel mileage, as well as lack of
investment in our railroads. It is also a result of an aggressive
foreign policy that has left important oil-producing countries like
the former Soviet Union and Iraq in shambles.
Storing large quantities of heating oil can create its own problems:
it becomes very expensive in oil markets that are (like now) declining
in future value by more than $1 per barrel per month. And there are
chemical and stability issues that usually mandate a product
changeover every few years.
ERIC BRILL
Bedford Hills, N.Y., March 19, 2000
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