I don't know much at all about how the world of petroleum markets and regulations and such work, but it's a good idea to get edumacated about it ---especially when they're applying some industrial-grade lubricant to my sweet ass every time I fill up.
My old pal over at DeepBlade turned me on to a really fine article on oil company mergers and manipulations at Public Citizen, which bears reading by Leftists and Americans of every stripe.
But what to do? I don't know. Tapping into the Strategic Petroleum Reserve (SPR) to stabilize prices is nothing but a Democratic trick, frankly. After all, we would have to seriously deplete the SPR to really even make a dent in prices ---and at the risk of exposing ourselves to possible future disruptions in the foreign supply. Doubt that could happen in these days of warfare in the Middle East and potential terrorism comitted against our own refineries? Let's not risk it. Our economy would be crippled if enough of our refining capacity and/or crude imports were threatened at once.
The only real solutions seem to be long-term: Higher fuel-efficiency standards for cars with conventional combustion engines; tax abatements and such for the purchase of hybrid vehicles; real incentives to research, develop, and employ alternative energy sources for non-automobile uses; and disincentives for buying your wife a goddamned Humvee to take Jason and Caitlin to soccer practice on her way to the spa.
This ain't the 1950s, beeyotch. The drunken orgy of the SUV is about to either come to an end or find a smarter ride home.