At the risk of being slightly redundant, here's a post I wrote from another forum I participate in, and while it's OK in my book to blame O'Blamer for just about all of it, He's just the latest in a line of screw-ups . . Here's a little more detail on what I wrote above . .
On the price of gasoline at the pump . . Any singular explanation isn't close to correct . . We certainly can blame the Obama administration for a share of the problem, but if we're to blame Political agendas, we must blame all or nearly all the Administrations and Congresses that have directed Energy policy for the last 40-50 years . . Perhaps even back into the 1920's . . The Energy policies, especially when dealing with oil, have corrupted nearly as many congresses as have occupied both houses and the administrations who occupied the White House.
And saying that, it makes revision of any energy policy advocated or mandated by the Federal government a waste of time, because quite like the economic policies of Congress, it cannot undergo "Revision" but complete replacement with a model that completely levels the playing field for all types of energy output in a completely competitive setting. Perhaps even requiring the Federal government to get out of the Real estate business by either liquidating most "Federal lands" to public ownership or making the states responsible for their administration, thus allowing the states to become the recipient of any taxes and employment gained by their direct administration. This would take away most, if not all subsidies any of those energy companies might have that causes imbalance in the playing fields . . Thus, Oil and Coal would compete directly with wind and nuclear . . and without bureaucrats directing subsidies to their choice of players, the competition, even worldwide, would tend to bring both cost and retail prices down . .
You have speculation of a commodity which is affected by traders resembling a collection of "Chicken Littles' who panic when an Arab Farts. According to both Forbes and Bloomberg, the cost of speculation on the world oil markets (Futures and hedge funds) is an estimated $25 to $30 dollars per barrel of oil. And, according to many of the experts, including those formerly mentioned, only about 30% of a bid is required to be in cash to speculate. It has been posited that if speculators (Or traders, call 'em what you will) had to put up 50% cash or more of their bids on Oil (or any other commodity) it would drive the cost of Oil by the barrel down by 25 to 30% overnight. And betting on the rise and fall of a commodity price (Hedge Funds) should either be taxed to the extent that it would be unpopular, or specifically outlawed.
You also have a federal bureaucracy (EPA) who makes their own rules and regulates often in secret . . Mandating different fuel compounds and different levels of oxygenation in different areas) and different times) of the country. This puts a lot of mystery into the cost of Gasoline production in the country as well as making any refiner wanting to export all of his product. He can make 70 octane base formula, add 2% MTBE (Mostly Illegal in the US), and 15% ethanol (from Brazil), have a 85 octane fuel that he can put on a boat and sell for almost as much anyplace else in the world, as a gallon of 87 Octane would sell for at the corner of Prairie and Northern, USA.
Another thing about all this is, 15 years ago gasoline was about 60% of the products gained from a barrel of sweet crude, the rest being made into diesel, plastics and paint thinners . . Today, a modern refinery will get raw gasoline base from 95% of a barrel of cheap oil . . there's little by product, so any of those materials (This is why Diesel is $3.80 a gallon and doesn't change much) come from another barrel of oil . . Thus, no "By Products" . . So parts cleaner and Spray Gun Wash is about $12-$15 a gallon and other oil based products are correspondingly more expensive . . .
The consumer is also at fault to a degree. While it's freedom of choice, a lot of people in Louisana, South Texas, Alabama, Mississippi, Georgia and Florida buy GM Tahoes and other equivilent size 4WD vehicles and commute long distances in them . . Makes one wonder why they need a four wheel drive gas hog when they don't ever see snow or get off the pavement . . I don't have an axe to grind with 4WDs, AWDs or big pickups, but our choices are part of the problem . . . and the above was just an example . .
I could go on, but all of you get the idea . . so I won't . .