Our more or less insane quasi-market system
The master of the off-hand comment, Noam Chomsky blogs on oil prices.
He accurately recalls that current inflation-adjusted prices were half the late 70's prices.
He sums up the rest of the issues in his typical short and concise manner.
The comments section includes the contrarian talking-points viewpoints:
Argument 3: that market forces can help is addressed by Chomsky,
"It might also be worth noting that there would be great advantages to a much higher price. In our more or less insane quasi-market system, the only means of something like rational planning is market forces."