Reply #22: You are so wrong on so many levels [View All]

[mudesi]

First, there is not enough domestic oil to meet American demand. That's why oil is bought by the American consumer from "allies" such as Saudi Arabia, and that's why Iraq is such an important strategic area and why Bush and company are so adamant to have "victory" there.

If only domestic oil was being used by Americans, gas prices would be at about $50/gal.

Second, while I agree that there is no competition and that monopolies restrict supply while they raise prices to maximize their profits, they can only do that up to a point. If not for the exorbitant demand for oil, the prices would plummet.

The oil companies can only restrict supply. They have no way of controlling demand, and the OP's contention that demand is up is correct. If everyone switched to a hybrid and stopped wasting energy tomorrow, you can bet the oil companies would have no choice but to slash prices.