Hugh Hewitt : '"The 5-minute ENERGY Blog: OIL PRICE 'MYSTERY'"

Link: http://www.hughhewitt.com/blog/g/aca17109-d957-4ea5-94d4-3c061b3cf723 (via shareaholic.com)

Today, private sector major oil companies no longer control very much of the world's oil production.    Many majors like Mobil and Texaco no longer even exist.  Aramco is controlled by the Saudi government.  An estimated 85% of the world's reserves are now controlled by governments.  And, more directly applicable to oil pricing, oil prices are now determined by an open market exchange, the NYMEX.
So next time you hear about Congressional hearings, or a pin-headed commentator railing against Big Oil raising prices think "85% of the world's reserves are controlled by governments and the price is set by the market via NYMEX" and you will know all that's needed.  Using a major oil company as a whipping boy for price increases is about thirty years out of date.