Did I mention Part Two of the "Black Gold Rope-A-Dope"?

Remember that owners, more than likely, are also speculators.

Accepting this premise, and acknowledging that there is enormous wealth (growing exponentially) controlled by oil owners and related sovereign wealth funds, this might lead one to conclude that even free markets may be moved (up and down) with relative ease by a very few.

Should this ring untrue, remember the huge silver bull market nearly 30 years ago when silver spiked to more than $50/oz. Members of the Hunt family had essentially full control of the delivery of silver. This was not acceptable to people with even more money than the Hunts and the rules were changed in the middle of the game, forcing several members of the Hunt family into virtual financial ruin.

Think this process can't happen again? It's happening right now as new rules have been discussed and proposed regarding futures trading of food related commodities. It should be noted here that the oil owners have accumulated far more wealth than the food commodity owners and these rules changes have not yet been proposed for oil.

Besides, it couldn't work anyway. Money goes where it is wanted. Over-regulate trading in the US and the trading will move elsewhere.

The current oil price hearings in the House right now are a side show - a game of "Three Card Monte" - for the entertainment of the American voters.

"Something must be done!"

"Something will be done!"

Our trusted, elected officials will ask even more insightful questions such as "Did you make more than $4m last year in salary?" to the heads of Big Oil. That will show Big Oil and the voters we are serious. Quick, ask them another question so that we can adjourn and get back to campaigning.

Which rules do you think will change first?