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Letters June 12, 2008  RSS feed

Slick profits

In reply to Mr. Taras's letter of June 5, I agree with his assessment of coal usage but want to point out that we do not get most of our oil from OPEC.

No matter what the Republicans would like you to think, our No. 1 source of oil is Canada and No. 2 source is Mexico. Only 11 percent comes from OPEC.

The biggest profit is taken by the oil companies, not the oil producing nations. Just look at their incomes: $400 billion net profit in a quarter. That's $1.2 trillion a year. Our national debt is $9 trillion.

The oil company profits would help a lot to pare down our national debt.

Hopefully the countries that we owe all these trillions of dollars to will not call in the debt. And by the way, that is not predominantly OPEC we owe- it is to China, England, Holland, Germany, France, Belgium and numerous other countries.

This is why our dollar is so weak. If McCain gets in, it's more of the same. Keith F. Cornell Agoura Hills