Oil is a commodity, traded on commodity markets, just like grain, precious metals, fertilizers, etc. Price is not set by oil companies, Presidents, or Ab-Dullah Schmuckus aLOT. Econ 101 tells us that supply and demand set the price, but we don"t have a true economy, we have a commodity market that allows speculators to buy and sell paper, rather than allow only producers and end-users onto the trading floor. Same thing with grain- rains too much here, not enough there, market rumors, government intervention by its action or non-action....with oil, it"s a hurricane, refinery explosion, pipeline break, votes banning exploration, etc., and the end-user cost of the commodity is not reflective of producing it. Remember the critics of this war- "It"s all about oil." We haven"t commandeered any oil fields to guarantee our supply. Now it"s popular to blame ethanol for all woes, but look at worldwide crop production- US was not alone in last year"s drouth.
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