The irony of big oil's record-breaking profits in the midst of hurricanes, war, and generally lacking production, illustrates perfectly how dysfunctional commodity markets can be. When pricing is based solely on scarcity, basically, weird stuff happens.
The detroit news has a good articleabout the level of revenue and earnings excesses. This photograph of the Exxon Chairman and CEO, Lee Raymond, is brilliant photographic editorializing by DETnews. Mr. Raymond looks concerned about the troublesome intersection of commodity economics and social responsibility.