Hello,
having enough experience in the oil business myself i can tell you that what happens has not much to do with "free" capitalism any more. The market is "split" by not more than 5 major global oil companies who now talk to each other, what they did not some 15 years ago - it is more or less a cartel.
Oil is being traded as "energy" at the stock market, and price gouging is anything else than unwanted.
Apart from that crude oil is not scarce. I am sorry to say it, having read all those recent books in a cosy armchair, dealing with those horror scenarios of shortages and breakdown of civilization, which (who already guessed it?) only adds to the rising prices. But it is not scarce, and will not be for the next 200 years (ymmv). The scarceness is artificial.
Then there is "free" market economy, and there is "social" market economy. We have said goodbye to the latter some 15 years ago.
"Our" problem is that we are so lazy letting our corrupt politicians decide what to do, who again are "advised" by ... (who guessed it?), if they do not come from that industry themselves. We do not even look for other possibilities to use and conserve energy. As long as there is only gas and oil without alternative searched for, do you really think prices will fall ? Why. should. they.
Greetings,
Catfish
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