The story fails to explore the downside of any temporary increase in supply -- what it would do to just now emerging alternative, non-carbon, energy sources such as wind and solar. High oil prices have made those alternatives economically competitive for the first time. If a sudden surge of oil hits the markets between now and the November elections, it would be temporary and it would set these new technologies back, maybe years.

This article leaves out important political factors in the Middle East such as Iranian/Syrian war mongering and the Saudi's fear of their influence. High oil prices are buying Iran breathing room. In addition no mention is made of American restrictions on extracting oil from its territory that are mandated by Congress and the States. The article makes no mention even in passing of any of these factors. Instead of looking in the mirror Congress is begging the Saudis and threatening futures traders. The article does discuss those factors and on those it is quite informative.

This is not a bad story, so far as it goes. Its main fault is a lack of any analysis, in particular its lack of any effort to adjudge the relative merits of the causes being proposed as the reasons for the runaway increases in the price of oil; it mentions both speculation and tightening oil supplies, but doesn't attempt to balance the two. Worse, it doesn't at all consider the roiling of world oil markets caused by the militarism of the Bush regime (both with regard to Iraq and the threats against Iran.) USEFUL BUT LIMITED