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Higher oil costs = higher oil retail prices. It's the record oil company profits part that I'm not too clear on.
Some of them own wells too. If the cost of production is low, and it is for a lot of them, the profit on that end is very high.
It's ok with me though because I have oil stocks in my IRA and 401k. 
We all like to think of ourselves as rugged individualists. But when push comes to shove most of us are sheep who do what we are told. Worst of all, a lot of us become unpaid agents of whoever is controlling the agenda by enforcing the current dogma on the few rugged individualists who actually exist.
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