The public needs to pay a little more attention to the causes of high gasoline prices, rather than rant about "big oil" and the federal government not doing anything about the prices. There was an excellent piece April 6 in The Bee regarding the $8-per-gallon price of oil in London. Prices of oil throughout the world are generally more than they are in the United States.
The Organization of Petroleum Exporting Countries (OPEC) sets the price of oil. Not the oil companies, the government nor any one person or institution. Oil, if you have not heard, is a commodity traded worldwide, and the price is set by the old law of supply and demand. However, since OPEC controls about 50% of the world's supply, it can send it up or down by how much crude oil its member nations pump.
It's basic Economics 101. If you don't understand that principle, you are never going to understand why oil, copper, platinum or any other commodity is priced.
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