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Wonder why there is no shortage here? Could it be because we have to import from the Mideast at higher and higher prices?

Does this mean we need to keep on being dependent on Mideast oil? (since there is no shortage?)

The real shortage is in refineries. Environmentalists have made it nearly impossible to run a refinery.

So, environmentalists now run our country and we are totally dependent on Mideast oil. Their reasoning? The poor caribou, or the need for a pristine location that no one has any desire to ever see, or the regulations, upon regulations that drive out any possibility of maintaining a refining operation no matter how well done.

It is very possible that the bulk of the price run up over $35-40 bbl is due to speculators and the "terror" factor. I don't know the % breakdown in the numbers but if I were to hazard a guess I would say 40% terror premium, approximately $8-9bbl and the balance speculative fever.

As quickly as the bubble inflated it could go bust. The commodities market is not immune to severe corrections any more then the stock market, the housing market or any other market place.