WHEN MARKETS TALK, politicians would do well to listen. The oil markets are doing more than mere talking–they are shouting for the attention of policymakers who seem determined not to listen.

First, we have the recent run-up in crude oil prices, which fluctuate around $40 per barrel. That rise was in part due to the fabulous growth of the U.S. and Chinese economies, which sent demand for oil soaring. But a further driver is OPEC’s manipulation of the market, creating a situation in which rising demand cannot elicit the increased supplies that would flow in a competitive market.