There are 2 markets that dominate the global trading of oil. One in London and one in the US. Every country trades on those markets with other smaller markets hardly making a dent in the global price of oil. So, yes we can make a difference.

The Chinese have no interest in artificially inflating the price of oil because the are a consumer not a producer. They would be crippling their own burgeoning economy by doing so.

There are only 3 groups that want to spike the price on oil: Traders, oil companies and oil producing nations without privatized oil companies. Every other person on the planet is negatively impacted by speculators.

It is in the best interest of all of us to limit speculators in the oil markets. The problem (in pricing, not politics) is not in Kuwait selling to China it is in speculators with no interest in the actual oil but only in it's profits.

By limiting speculators in the oil market it forces them to move money in other places. For example, if they think the dollar is weak and want to pull out they would then turn into other markets. That would then enrich those markets and encourage growth and spending in that market. The end result would be a benefit to said industry and to the economy as a whole. Not just making the rich get richer and poor get poorer.

And there is nothing foolish about that.