The truth about oil

If you watched the markets today, it’s a big ol’ QED with regard to arguments that oil prices are being driven by speculative activity and hedge funds.

Last week, we could have immediately slashed the price of oil by releasing the Strategic Oil Reserves, hence killing the speculators. In the meantime, there is this argument that allowing offshore drilling will do anything to help prices, a ridiculous idea (all that will happen is oil companies will have leases they can use at their will, changing supply at their whim). Meanwhile, it’s a surprise to some that the biggest single exporter of oil to the US is Canada — almost double that of Saudi Arabia. The American public is the victim of a superb con job.

Whatever, I’ll go back to security now.