I just wanted to make that clear.

From the “50 Cent ban” to today’s ineffectual political posturing on oil prices, I think he’s proven he doesn’t understand the economy or free markets, nor should he be talking about them. Add to that the fact that his copyright positions — rather important for someone who may end up being Sam Bulte’s successor — are nothing more than slightly tweaked talking points drawn directly from American copyright interests. He not only does not seem to understand real, physical economies, but also seems to have missed the boat on intellectual property as well. (And being from his rather chequered political party, it wouldn’t surprise me if he were actually on their payroll.)

That said, Mr McTeague, what solution do you have to record oil prices and record oil profits? Do you have anything constructive to say other than a lot of sound-byte-grabbing hand-wringing? Any suggestions? Do you want to regulate the fuel market more? Or less? Reduce taxes? Make production easier? Keep more oil in Canada? Build refineries? Wean Canada off its absolute dependence on oil? Invest in alternative fuels and energy sources? Give grants to companies building greener cars? Fast-track greener cars so they can get on the road before we all die? Anything?

Nope. Just moaning. It sounds good, and we’re all doing it, but really, this is how the market works. If there really isn’t any reason for oil prices to rise (though there is) other than “unnecessary speculation”, you tell me how to stop that speculation. Give me a plan.

Prices are being driven up by speculation, yes. They always are. This isn’t some new phenomenon that became a bugbear yesterday. But prices are also rising because demand is rising. China, anyone? India? It’s not idle speculation. There is so very much demand and future demand right now. And when prices go up, oil company profits go up for a while and then level off as the price of crude reaches some equilibrium. This is a historical trend. It will happen this time like it always has, but will you hear Dan McTeague saying, “Oh, okay, it’s alright if you only make $400 million. That’s fine. We’re good with that.” Of course not.