ARTICLE: "Trouble in the pipeline: Despite booming demand and record prices, Russia's oil industry faces problems," The Economist, 10 May 2008, p. 71.

This is all too predictable, despite the West's frantic fears that the oil producers have us somehow over a barrel. The truth is, the producers get addicted to the oil money much worse than we get addicted to the oil. There is no supply threat out there, just an adaptation threat on our side—namely, do we respond reasonably fast to the permanently heightened prices.

Just wait long enough for the reality of climate change's impact on global agricultural production patterns to emerge, because more of the planet will begin to recognize that it's North America who holds most of the cards there, and food is a lot more precious than oil.

Anyway, no reason to get all freaked about Putin anymore that Chavez. We've seen this show too many times before, like with Mexico: the more you nationalize and try to "control" your precious resource, denying it outside capital and expertise, the less you actually command in terms of production.