WHAT'S REALLY FUELING THE PANIC IN OIL?

BBC:

The price of a barrel of oil has risen above $120 for the first time, driven by concerns about the situations in Nigeria and northern Iraq. ... Another factor pushing up the oil price has been the US dollar's weakness as investors opt to back commodities.

MAYBE THERE'S ANOTHER THING OR TWO FUELING THE ENORMOUS RUN UP IN THE PRICE OF OIL:

1. FEAR OF AN IMPENDING ATTACK ON IRAN, AND IRAN'S PROPBABLE RETALIATION AGAINST THE OIL-PRODUCING GULF STATES, AND
2. PERHAPS KNOWLEDGE - BY THE INSIDERS OF OIL-PRODUCING STATES OF THE GULF - OF AN IMPENDING MEGA-ATTACK AGAINST THE USA?

I suggest this because it seems to me that the run-up in the price of oil is a BUBBLE caused by a PANIC and that there's nothing in any of the MSM's reporting over the last year (like a USA recession and the sub-prime bubble-burst) which can justify this panic; therefore, maybe the panic is REALLY being caused by something mot being reported?

OR MAYBE THE WORLD OIL SPECULATORS FEAR AN IMPENDING DEMOCRAT VICTORY IN THE FALL!?

That would be a catastrophe, too. Heh. Seriously: the resurgence of socialism in the USA will damage our economy and thereby the world's economy.

HERE'S ANOTHER IDEA:

Are carbon swapping schemes and tax schemes and global warming fear-mongering causing the panic? They create an ATMOSPHERE of fear and declining resources, and this FEAR may be fueling the panic.

IS THERE A CURE? Yes: Increasing global energy supplies could end the panic: if the USA opened ANWR and off-shore drill and licensed several nuke and/or coal power plants it would send a powerful message to the speculators. And on an emotional level, they would respond IMMEDIATELY, (they would not delay their reaction until the supplies actually came on line).

This would be more effective than bailing out Bear Stearns and giving out $600 rebate checks. And it is more important and urgent.