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Treasury: Oil, gas ‘overproduction’ a threat to security

06/01/2009
For oil and gas, the national-security argument has always been a two-edged sword. The back edge now slashes savagely.US producers see security as a reason to encourage domestic production of oil and gas. Their position makes perfect sense.But the politics of energy is rarely sensible—less so now than ever.When producers base their policy arguments on security, they traditionally have had in mind the benign goal of lowering US dependence on foreign oil by raising domestic production.The back edge of the security argument pursues something quite different: lowering dependence on foreign by lowering the use of oil altogether. And one way to lower the use of oil is to produce less.The ...
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