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There are growing concerns that oil companies are making too much in profits at the expense of consumers.

The oil market is especially sensitive even to a hint of expansion or contraction in supply.

Right now too much American time and resources are spent dealing with situations caused by our dependence on oil that we import from unstable countries.

First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.

There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.

The problem remains that the market is grossly distorted by Canadian unfair trade practices.

Tough times helped many commodities producers become lean and mean through consolidation, mergers and cost-cutting. All that excess supply has been sopped up.

Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

Commodities tend to zig when the equity markets zag.

Oil wealth has been a curse on us, made us weak and docile.