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Editor, the Gazette:

Re your "Our View" Column today, Wednesday, July 16^th entitled "We Can Drill Our Way Out":

You notice "That's because gas prices are subject to speculation and futures markets. … With a promise of increased future supplies, resulting from American drilling, markets would quickly discount oil prices in response to less activity from futures buyers.  History tells us this is true."

In this regard, we are all speculators.  The current backlog of orders for Toyota's Prius and sales lots overflowing with big SUV's and pickup trucks is the same "futures" psychology being exercised by the driving consumer.  No one would make as big a purchase as a vehicle based solely on today's cost of fuel; the market reflects buyers' belief that these prices have become the new norm, or worse, the new price floor.

The American public is speculating with their checkbooks that fuel costs will remain high, and the market is responding – sales of fuel sipping compacts are soaring while sales of SUV's are "in the tank."

But, just like the "futures" speculators in your article, the motoring public will revert to previous high-consumption habits as soon as ( if!) prices decline, which, according to your article, will occur virtually as soon as new drilling begins.

So, whatever market-based cure for our crippling dependency on oil is underway due to the current (and anticipated) high costs of fuel will be undercut by increased domestic drilling.  It will stifle the economic incentives for General Motors and others to make the expensive shift of their production lines away from truck and SUV production to competitive fuel-efficient cars.  It will discourage the recent trend of American families to drive less and use public transportation more.

Speculation at the car lot, like speculation by oil futures investors, will subvert any long-term gain on the oft-stated goal of reducing our dependence on foreign oil.  And, even if the Gazette wishes it were not so, it will subvert this chance to begin to repair the immense damage our oil dependence has made to our environment.

Our national experience during and subsequent to the oil embargos of 1967 and 1973 followed precisely this pattern.  We then squandered our opportunities to consolidate our gains, resulting in the mess we are in today.  "History tells us this is true."

J. Michael Riley

jmyke2000@comcast.net

1136 Chambers Dr.

Colorado Springs CO 80904

719-632-9853