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Reversing that trend will take a combined effort by Washington and consumers and the companies themselves. Energy firms should develop new technologies that will let them extract domestic oil and gas cheaply enough to make a profit even when prices are low. And motorists should be able to tolerate an oil-import fee that would raise gasoline prices a few cents a gallon at the pump; that would provide fresh incentives for domestic drilling and produce revenues to help reduce the federal deficit. Without some such policy, the U.S. could find itself paying for cheap oil and gas today with skyrocketing prices when the next energy shock hits tomorrow.
CHART: NOT AVAILABLE
CREDIT: NO CREDIT
CAPTION: VANISHING RIGS
CHEAPER GAS
FEWER JOBS
RISING IMPORTS
SHRINKING PRICES