Analyst Gustajtis thinks crude oil, and gasoline and diesel, are headed higher. To my mind this is not all a bad thing. Higher fuel prices will take more freight off the roads and back on to fuel-efficient railroads. People will take trains instead of driving long distances. If Mr. Gustajtis is right, then no amount of complaining by truck drivers in Canada is going to bring down world oil prices.
Politicians can hold all the hearings they want to.
But like King Canute trying to hold back the tide, it isn't going to work. Canada could benefit. Oil-producing parts of the country will boom. And for investors, oil stocks, will start acting like Internet stocks. And Mr. Gustajtis does not think a sharp rise in crude prices will bring on a recession, since oil just isn't as important to the economy as it used to be.