Baghdad Bob has taken up residence in Saudi Arabia. Or is he dressed in drag and working for CNBC?

The markets, apparently, see this as so much noise. But wasn't most of the world, excluding the U.S., taking action on global warming? And how does increased supply and consumption fit into that overall scheme? Only if the intent is to avoid substituting coal for oil.

How predictable that the world's "leaders" would panic at the reality of higher prices and lower supply. As usual, they are subsituting the magic of wishful thinking for a real energy policy.

It is past time to set a floor on oil; the longer reality is avoided, the worse things are going to be.

Obama is coming to the rescue, however, with his support of ethanol. We'll worry about food later, maybe sometime next week.