Quote of the day...

Alvaro Vargas Llosa in The New Republic:

Actually [oil executives and governments that refuse to intervene to protect consumers] are not the culprits. For years, countries endowed with oil, such as Russia, Venezuela and Mexico, have been messing up their own capacity to produce it by using it as a political weapon. That doesn't mean that they are not producing millions of barrels each day, but it does mean that they are unable to increase production in order to keep up with demand--and traders do not expect them to raise the supply of oil in the future.