I need some input on this economic problem.?

Question

Oil Prices have risen beyond $125 per barrel. As the economic advisor to a political candidate running for president, you're in charge of developing an economic proposal that will address this issue. Please describe an appropriate economic strategy to deal with high oil and gasoline prices.

Answer 1

From an economic standpoint you need to look at what is causing the price increase.  Go to the basics of economics, supply and demand.  So that essentially gives you two options increase supply or decrease demand.  Looking at the underlying commodity, oil, you need to take into account there is a finite amount of oil available and the countries that control the oil supply are not necessarily our best friends.  There is the option of trying to increase domestic production but once again you need to remember that this commodity is finite and is not a long term solution.  A viable strategy would be to find a way to decrease demand and there are a lot of options to do this including but not limited to coal to liquid fuel, electric/hybrid cars, fuel efficiency standards or any of a number of ways for gas consumers to reduce their consumption.

Answer 2

take back control of the US money system.  stop the devaluation of the dollar. decrease the American debt.  return to some sort of limited gold standard.  oh yeah...  end the bloody war in the middle east

Answer 3

the best solution: decrease the demand in the US for oil. start campaigns and pass legislation supporting alternative fuel research and hybrid cars. it will take some time but prices will fall. another option (though i don't support it) is to stop depending on foreign oil and drill in alaska. the middle east and venezuela (both giant assets to our oil imports) aren't in times of stability so naturally, the oil price will rise. and keep in mind, oil is limited!!! it will run out soon!