OPEC to cut production; get ready for a price increase at the fuel pump

As a red-blooded American consumer of goods and certain commodities, I cannot endorse a nearly 10 percent reduction in the production of petroleum products.

You see, I am one of those Americans who has no problem watching the price of automobile fuels plummet. I looked today at the price of gasoline and diesel in Princeton, Texas, and saw the gas price at $1.41 per gallon, with the price of diesel at $2.11.

Not bad, eh?

The plummeting fuel prices are a result of the coronavirus pandemic. Motor vehicles are becoming a rare sight on our streets and highways. Businesses are shuttered. Employees have lost their jobs. The economy is tanking.

Are we supposed to be salute OPEC and other oil-producing nations — including the U.S. of A. — for enacting a policy that is going to bite a bit more deeply into our budgets? I won’t do that.

I’d rather take the longer view.

I would prefer to see fossil fuel companies reinvest their still-substantial largesse into alternative energy sources. I am a bigger fan of renewable energy — wind, solar and hydropower — than I am in depleting fossil fuels, which I hasten to add is a finite resource.

Donald Trump hailed the reduction in output as a boon to the oil industry. I guess it is. However, we are going to pay a price farther down the road as we continue to guzzle this resource and, dare I say, pollute the air we breathe.