I am writing this column against the advice and wishes of my editor, because I believe that America is in danger and we must do whatever it takes to save the country. My recommendations about keeping oil prices under control may not be great ideas--or even good ideas.

My point: As a nation, we need to start thinking about the problem and preparing ourselves to take drastic steps if necessary.

First, let me say that the Saudis are right. The climbing price of oil has nothing to do with the Arabs or oil inventories or even with supply and demand. This is something new.

Right now, the world has plenty of oil. Inventories are strong and industrial activity in the U.S. is slackening. Yet the price has risen, pushed up by the decline of the dollar and the eagerness of investors or speculators--hedge funds, pension funds and every other type of fund.

The Dow Jones industrial average is 1,700 points below its 2007 peak and the stock market remains nervous and volatile. The real estate downturn and the problems with mortgage-backed securities have scared off investors. The "smart money" is now moving into oil--just as it has done with gold.

Understand that the price of gold has little to do with the demand of jewelers and industrial users of the metal; buying gold is a bet against financial stability. Gold, at close to $1,000 an ounce, recently hit a peak in nominal dollars.

Traditionally, we expect such bubbles, such as oil prices, to burst. That has yet to happen, even after Congress passed legislation requiring new-car fuel economy of 35 miles to the gallon in 2020 and and a huge increase in alternative fuels by 2022.

I have not heard any of the presidential candidates get serious about rising oil prices, and I was disappointed in Sen. Hillary Clinton, who made fun of President Bush because he could not convince the Saudis to pump more oil. She implied that she could. How? Frankly, I think it is a bit foolish to push others to step up drilling when we will not drill for oil in new fields in icy Alaska.

Maybe we will be back to $80 a barrel or even cheaper by next week. On the other hand, I am deeply concerned about what would happen to our economy if oil goes to $200 a barrel.

Think of it for a moment. Not only would American motorists be paying much more at the pump, but bills for home heating, air conditioning and electricity would double. Oil at $200 a barrel would push up the price of every good and service--from food, airfares and shipping costs to plastic containers, apparel and asphalt. Under such circumstances, I would expect to see the government embark on a massive program of energy subsidies.

Our currency is another problem, as countries currently pay for oil in dollars. When the dollar declines, sellers want more dollars to make up for the loss in its value. We are already hearing rumblings from oil-producing countries about accepting payment in another currency, such as the euro.

All I can do is throw out some thoughts and ask everyone--especially those aspiring to be president--to start thinking about this problem.

My first suggestion is that we first straighten out our own financial house. I propose the old cure: that we stop spending more than we take in, and that we balance the budget. Our national debt is now $9 trillion and the annual interest payments are more than $400 billion.

If this means drastic spending cuts and higher taxes, so be it. This is an economic crisis. Heck, President Clinton was able to balance the budget.

Next, we need to do something about the speculation in oil. Many experts tell us that we should do nothing, and that whatever steps we take will make things worse. They could be correct. We are in uncharted territory.

A stiff tax on oil profits from speculation sounds leftist, but I think it is something we should consider. Another option is a high margin requirement on the purchase of oil futures. Let me make it clear that I am not against businesses such as airlines using hedging techniques to protect themselves against sharp swings in oil prices, because such companies are end users of petroleum products. What I propose is making the rules tougher for everyone else.

How about having the IRS do a full-scale income-tax audit of any commodity trader speculating in oil futures? Do not sneer: The South Korean government used to do an audit on anyone buying a foreign car. That stopped the imports. A similar move in the U.S. might curtail speculating.

Some say, "Speculators get burned, too. Why not sit on the sidelines and let the fools bid up oil and then watch it crash? Let the market take care of itself. It has happened before." I am not sure the country can wait for this to happen.

We might need stronger measures for reducing fuel use to show our determination. For example, going back to a system used in earlier energy crises that allowed motorists to refuel every other day, depending on whether their license plates end in odd or even numbers.

Naturally, we will have to allow oil drilling in some places where laws currently prevent this from happening. I also think that the government should enact stronger tax incentives to encourage people to buy fuel-efficient cars.

These ideas may not be any good. They might be bad. But at least I am thinking about the problem. It is about time others began thinking about it, too.