Even I was stunned when I saw the Financial Times and the headline said, “Oil Futures Near $140 Amid Fears of Shortage.” As Robin used to say, “Holy smokes, Batman!”

Thank goodness for MoneyWeek, that’s all I can say. Because, aside from a couple of noble souls at the Daily Telegraph, nobody else in the mainstream media gets it.

As if there weren’t enough issues plaguing the world’s oil supply, hurricanes are now back on the list.

WTO’s Global Trade Deal; Ford’s Lowered Expectations; Surprise Decline in Jobless Claims; Oil Drags on Hang Seng; Wider Loss for B&N; Big Oil Spends $1.3 Million in 1Q Lobbying; Bill Miller Joins Ichan in Pressuring Yahoo; IEA to Probe World’s Oil Supply; Medtronic Coughs Up $75 Million to Settle Suit.

It’s enough to set off one’s contrarian radar. I mean, predictions of $200-a-barrel oil have been everywhere over the last week. CIBC analyst Jeff Rubin, with an eerily accurate track record of previous predictions, kicked it off last week with a forecast of $225 by 2012 with $7 gasoline to match.

The oil market is supplied with enough crude.

This is the view of the group’s secretary-general, Abdullah al-Badri, expressed on Saturday during a visit to Iran.

“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” said a-Badri, according to the Iranian state news agency.