An important United Nations environmental conference went past 6:00 in the evening when the interpreters' contracted working conditions said they could leave. They left, abandoning the delegates unable to talk to each other in their native languages. The French head of the committee, who had insisted on speaking only in French throughout the week suddenly demonstrated the ability to speak excellent English with English-speaking delegates.

But that's not enough: To maintain energy security, one needs a supply system that provides a buffer against shocks. It needs large, flexible markets. And it's important to acknowledge the fact that the entire energy supply chain needs to be protected.

But the key thing is that Iraq, while it's got very large oil reserves, has marginalized itself as an oil exporter and these days its exports are only about one tenth that of neighboring Saudi Arabia.

A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.

We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s.

We are living in a new age of energy supply anxiety.

I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.