World energy markets, not Big Oil, drive the price of gasoline

Why do people seem convinced that gas prices are controlled by Big Oil? Actually oil prices are set in commodity trading pits, along with corn, gold, pork bellies, and any other commodities for sale! This happens on world wide basis. It’s impossible to control these prices, even OPEC, which controls 40 percent of oil production, can’t do much to set the price! Oil prices are dependent on supply and demand. Today the world can produce 85 million of barrels of oil at full production, which certainly sounds like a lot, but the world presently uses 84 million barrels, which is large increase of oil usage from a few years ago! With China doubling the number of cars on the road every few years, expect the usage number to only go up!

So as oil usage goes up, if production is static, the price will go up .

Cumberland Times