Although harmful in preventing/delaying an honest discussion of our predicament, and the possible implementation of real solutions, at least the current reasons offered for high prices are essentially phantoms that we can only really talk about. Senate hearings notwithstanding, I am skeptical that any speculators will be prosecuted. And how do you target the risk premium without making it worse?

One of the things I worry about is what will happen if current prices don't go away, or especially if we move towards $200 in a sustained way. The phantoms will possibly be replaced with more tangible bogeymen... maybe called "The Supply Vampires." They will be called oil export hoarders, radical green ANWAR withholders, banana republic producers (who can't be trusted to manage their own production - we could relieve them of this onerous responsibility, to benefit of all, especially their poor downtrodden citizens). That is one of the dangers of denial and dishonesty... something that good people here at TOD are actively working to reduce. What is going on here at this site is very important (as if we didn't know that already!) The stakes are high indeed.