July 25: Reader Examines Beginning Of Oil Use
American circumstances have not always been this ugly. How we brought it on ourselves is easy to understand.
United States drilling began in 1859 with one rig in Pennsylvania. The high-water mark of professional U.S. drilling was 1958 with 3,000 land rigs running 24/7. It was a time of prosperity and opportunity. After 1958, things trended downward as U.S. rigs began an exodus with the following self-inflicted tragedies and suffering:
Until the Arab oil embargo of 1973-74, fuel prices were determined by costs with Armco as the operator, in Saudi Arabia. Subsequent to the oil embargo fuel prices were to be politically determined, considerations (political) other than production costs dominated.
Americans (Armco) discovered Saudi oil in 1938 and the Saudi King granted a 99-year concession to the operator. Shortly after the embargo was lifted in 1974, the Saudis told Armco, "...boys, there is no more Arabian-American Oil Co., you now work for us..." Rigs continued to leave the United States and U.S. oil imports continued to increase.
The decade of the '80s brought bank failures and mergers. A report said that at the time not one major Texas bank was owned by a Texan.
More failures followed, the savings and loan debacle, featuring several high visibility luminaries and their travels. Along came Freddie Mac and Fannie Mae uneasiness and recently, an unbelievable escapade involving instruments touted as "Sub prime Mortgages."
A reputable source says about every other vehicle on Smith County streets and highways does not have vehicle insurance. This has been known some time, and nothing is done about it. This scamming of the law and lawlessness would be the easiest to correct, and most rewarding to society. Our current times have become uglier than ever before: excessively high fuel prices, job insecurity (outsourcing, etc.), can't afford to get sick and everything 10 times too high.
Causes of the current mess are evident, as are corrections required. Are draconic remedies required to correct this?
Gary Hall
Tyler
Tyler
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