Jake,

I haven't read the report, but doesn't the recent closing by BP of their Alaska oil field tell you something is amiss in the oil business?

BP has closed that feeder pipeline (thus the whole oil field) for an indefinite period of time yet all oil companies WILL REAP GREATER "PROFITS" AS A RESULT!!!!!!!!!!

In any normal business enterprise, if you produce less you make less profit. But not in the oil business!

I still have a very hard time believing that the commodities traders on the New York Merchantile Exchange are not somehow in the pockets of the oil companies.
Some commodities traders admit they jumped with glee when 9/11 happened. Is this the kind of person you want in charge of something that affects your daily life?

With offshoring to China and shenanigans like the oil companies use (other commodities producers are learning from them too) the suicide of business in North America is going to happen faster than even I thought.


>A very interesting read about the role of unregulated electronic commodity exchanges and their role in rising energy costs. Hopefully, they'll apply existing regulation to the electronic transactions. Unfortunately, Congress will undoubtedly take this opportunity to impose more restriction on all trading.
>
>http://www.senate.gov/~levin/newsroom/supporting/2006/PSI.gasandoilspec.06260
>6.pdf