Oil Prices, Amid Global Concerns, Surge to a Record

Great quote from this New York Times article.

"Other than the weather, and hurricanes, and refineries going down, and Saudi Arabia and Iran, and strong economic statistics, there really is no reason why crude oil prices should be so high," Ms. White said. "It must be speculation, don't you think?"
(Context: Ms. White is a commodities economist, so she's being facetious. But she's making fun of what is a near-universal public perception of the situation.)

Very soon now, we're going to start seeing a big public outcry demanding price caps on gasoline. In fact, it wouldn't surprise me if the next presidential election swings on that issue. Of course, actually applying price controls would play absolute merry hell with the oil markets, and cause all kinds of havoc. And if we won't pay the going rate for the oil, China and India will.