Oil Traitors Traders

From the Globe & Mail (Canada).

"The world's oil suppliers have lost control of the markets, ceding that power to traders and giving rise to greater volatility in crude prices, U.S. Energy Secretary Samuel Bodman said Friday.

With oil hitting record highs of more than $78 (U.S.) per barrel Friday in the wake of increasing violence in the Middle East, Mr. Bodman said crude is now traded like securities �and so emotion enters into it.

"This is the first time in my professional lifetime that the suppliers of oil in the world have really lost control of the markets," Mr. Bodman said during a two-day trip to Western Canada where he toured the rapidly developing oil sands region in northern Alberta.

"They are unable to turn the spigot and increase supplies, and therefore are unable to control oil prices."

And that, folks, is why Enron was formed - to corner the market on oil trading and hold all of us hostage to their greed.