Cannon is living a fantasy

0 Comments | Deseret News (Salt Lake City), Jun 19, 2008

I don't live in Rep. Chris Cannon's district, but his position on the economy is so ridiculous in so many ways, I feel compelled to comment.

First he says that we must bring down the cost of energy and that the root of the problem is "regulatory restraints." Cannon is living in some sort of fantasyland. The root of the problem is diminishing supply and high demand for petroleum. Easing restraints will certainly delight the oil companies but won't do anything for the consumer. We might briefly delay the inevitable day when we run out of oil, but we'll be left with a ravaged planet.

Secondly, he says Congress must address gas prices because we have "distortions in the market." We have a very rapid increase in the price of oil, but that is not distortion. It is the market. Congress needs to accept that fact so it can find real solutions.

He also claims that developing oil shale could solve the gasoline price problem. What nonsense! No one with any credibility at all believes that extracting oil from shale deposits will result in any significant reduction in the world price of a barrel of oil.

William C. McGregor

Bountiful