oggenc ignores bitrate setting

oggenc seems to ignore the bitrate setting. I get huge .ogg files with bitrates
in the 300+ area when I specified a much lower bit rate. Here's an example.

[flifson@asgard london_calling]$ oggenc -b 128 11_wrong_em_boyo.wav 
Opening with wav module: WAV file reader
Encoding "11_wrong_em_boyo.ogg" [ 99.9%] [ 0m00s remaining] \

Done encoding file "11_wrong_em_boyo.ogg"

	File length:  3m 13.0s
	Elapsed time: 0m 56.9s
	Rate:         3.3988
	Average bitrate: 347.9 kb/s

[flifson@asgard london_calling]$ oggenc -v
OggEnc v0.8 (libvorbis rc2)

I'm using 0.8rc2. Does this not have bitrate limits enabled?