Search for oil
Sir.—You spell out clearly many of the causes of high oil’’ costs in your editorial article. “Oil search promise." today. You remind us how our devaluation against the United States dollar increases the cost of oil imports. In . the last 10 years, we have devalued by 40.13 per cent against United States currency (“The Press." December 4). You aptly describe “the near-ruinous cost of oil imports." Might not the same description be applied to the new scales of borrowing for our own huge energy projects and explorations? Further, the 50 per cent devaluation of our currency against currencies in which we have borrowed, such as the yen and the Deutschmark, is a trend that doubles the cost of principal and interest in 10 years. Very realistically, you point out that oil prices will not return to the levels of the early 19705. When will we also ask seriously how long we can afford the energy-intensive life-style built up around that cheap oil? I am glad that you published Molly Melhuish’s views on the matter (January s).—Yours, etc..
JOHN GALLAGHER. January 5. 1983.
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Press, 7 January 1983, Page 10
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185Search for oil Press, 7 January 1983, Page 10
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