Is It Fair To Blame Oil Companies For High Prices?

With oil prices still over $100 a barrel, one thing is certain. Oil companies are going to make big profits. But misconceptions abound about the connection between high oil prices and high profits. After years of observing the reactions of both the public and our political leaders, it seems like they believe something like the following fictional narrative. They can see ExxonMobil executives sitting around a smoke-filled boardroom, saying “Well, we have the public right where we want them. It’s time to jack up the price of gasoline…