Oil prices oscillate up and down, and the party in power usually gets blamed by the opposition when they go up. The opposition never gives them credit when prices drop, although the incumbents are always quick to grab it.

As for why prices oscillate, there are the usual suspects. Speculators play a role, as do foreign events and normal market fluctuations. You can't blame the oil companies for everything, although it is pretty safe to say they will try to capitalize on whatever happens. No matter what, Big Oil never loses.

If you really need a villain, find out who was opposing energy conservation and alternative energy in the 70s. Even back then, anyone without a stake in the oil business could see this coming. And there were even people in the Eisenhower Administration who could see it coming way before that.

Still no matter how well they are doing, we shouldn't be too surprised Big Oil has never seen a subsidy or a tax break they didn't like. I say cut them off. But don't be too surprised if nothing happens. In the long run, the only thing that will make oil prices come down is if people buy less of it. There's nothing we can do about that now, we had our opportunity 40 years ago and we let it slip through our fingers.