Everyone sees Obama's decision to stop the Keystone XL pipeline exactly for what it is: an attempt to save his own career. Having failed to impress swing voters with his economic performance, the president has been forced to capitulate to the extreme environmentalist lobby to fund and redeem his re-election bid.

The U.S. and EU pass travel bans to great fanfare, yet ignore them completely when sanctioned officials travel to meetings of international organizations. As Congressman Ted Deutch (D-FL) wrote, these measures are meaningless if loopholes allow sanctioned Iranian officials to travel freely.

The IEA warned that unless OPEC could increase production by at least 1.5 million barrels a day, world oil demand is going to surpass available supply during the second half of the year. If there is not enough supply to match the global economy's consumption, world oil prices have only one direction to go.