Oil prices has been swinging between 60-100 for the last 10 years. I think it's oil refineries are using OPEC excuse to increase the price.
The USA drills as much as we consume. We drill more oil compared to Saudis and Russia
The USA drills as much as we consume. We drill more oil compared to Saudis and Russia
If they are acting as a cartel and coordinating among every refinery, how do you keep that hidden? You can't and the reward isn't worth being screwed by antitrust and all other backlash when you get caught.
In the US, existing refineries have significant pricing power because environmental laws have made it nearly impossible to build new ones. The issue is compounded in California by idiotic state laws that mandate a unique blend of gasoline only produced by a handful of refineries. This ends up being effectively a direct wealth transfer from consumers to refinery owners without even achieving any significant environment benefits.