econ 101: greater oil supply will result in a reduction in price
OPEC: An illegal (under US law) collusion of producers to set/fix the price at higher than market rates. OPEC price fixing is not occurring in the current market because the price is already very high.
Speculators: Speculators increase demand in the short term and can drive up prices a bit. But eventually speculators, by definition, must sell, and prices fall again. Speculators may push prices from $90 to $100. But they are NOT what has pushed prices in the past from $32 to $147. Speculators are a bogeyman created by the Obongo administration to distract attention from the real problem: Obongo is using the EPA to reduce US oil production, thus reducing supply and causing prices to increase in the hope that it causes people to drive death box mini Coopers or electric cars, or else live in high rise ghetto apartments as that is his vision for the future.
Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range.
