The man who wrote the letter "This is your morning rant, America" (July 20) does not have much grasp of economics. Oil is an elastic commodity. Produce more and the price goes down; restrict the supply and the price goes up. Our government, under pressure from environmentalists, has restricted drilling for oil in federal lands and offshore. China, India and South America are using more oil. The demand, coupled with speculation by traders, has driven up the price to unsustainable levels. The commitment by the U.S. government to allow more drilling will certainly drive down prices. Will it ever be $14 a barrel? Probably not. But it won't stay at $140 a barrel.
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