The price of oil is being bid up beyond all reason by the speculators in the commodities markets. It has nothing to do with the availability of oil. The oil producing countries that control over 70 percent of the known reserves are telling you the truth when they say there’s enough. If you were them, would you go out of your way to drive the price down? I didn’t think so.

The other component of high food prices is also related to the pain at the pump. It’s ethanol, a gasoline additive made primarily from corn and soy. The government passed a law that it must be part of every gallon of gas you buy in order to reduce so-called greenhouse gas emissions in order to save the Earth from global warming.

Only there isn’t any global warming except for the one degree Fahrenheit the Earth has warmed since the end of the last mini-ice age. No dramatically rising ocean levels. No massive melting of glaciers and ice shelves. In fact, if you’ve been paying any attention to the news lately, the United States and the rest of the world have been encountering some horrendous blizzards. There’s been more snow in more places than in the memory of many people.

When the government creates a subsidized market, farmers take note. Even wheat farmers decide to plant corn instead. That means less wheat and that increases the cost of bread and other wheat products. Since the corn is being burned for fuel instead of used as food, that drives of the cost of some 3,000 uses that are derived from corn.