New Teeth for Energy Policy?

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The 10,000 or so independent oil and gas producers in the United States have long feared depressed world crude oil prices -- the industry's werewolf. The beast began baring its teeth in December, forcing many mom-and-pop outfits to run for cover. Rumblings of government intervention -- such as import tariffs -- could boost oil prices, keeping these businesses solvent.

Crude oil prices were near $15 a barrel when the Independent Petroleum Association of America (IPAA) asked President Clinton to stem the flow of rising imports, the result of tumbling prices. The IPAA argues that the current import situation threatens America's national security and needs immediate attention. The White House may have different types of ammunition to prop up domestic crude …