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Don't forget, KC, that a lot of this is down to OPEC. The cartel of oil-producing nations decides the level of production, and then the price is largely dictated by supply and demand on the open commodities market.
As it stands, the price they are getting for their oil is at an all time high. They know they can't push for much more, because the evidence of the fuel crisis of 1973-74 demonstrates that there's only so much that the industrial economies can take.
So the easy way of lowering prices is to raise oil production, so that supply better meets demand. Simple.
But.
Some OPEC countries, Norway in particular, also, I believe, Yemen and Jordan (correct me if I'm wrong on those two) are already at maximum oil production capacity. They are getting the best price they can hope for per barrel of oil, and if oil production is increased, they do not have the capacity to step up their own operations, and will see the price they get falling with no compensation of greater turnover.
They're happy with the status quo. So they are putting their foot down. And in reality, there isn't a whole lot that the American and European govrnments can do about it.
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