I've given this matter some thought. While I agree in principle with the idea of having our own oil company, the timing isn't the best. Studies done when the price of oil fell in '85 showed that the NPV (net present value) of oil in 2050 is -0-. The reason is clear: when the price went high in 74 with the OPEC boycott, brought into the market anybody with oil. At the same time, others went on a spree finding new oil. The world is awash in the stuff; an enormous amount of oil. at the same time technology is reducing demand. We should develop our other resources as we will need them.

We must get the high levels of expenditures under control.

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