As per another post, directly from the Sec. General of OPEC, "Oil Prices have NOTHING to do with Supply and Demand". A lot of the blame has to fall on investors and speculators. The other day, oil prices went up by $1 a barrel, because a Japanese tanker was shot at. Did the supply actually get disrupted, no. They lost a couple hundred gallons of fuel, but otherwise made their delivery.
OPEC has been asked to increase supply to relieve price pressure, but has declined. That points to greed in my opinion.
Another reason given for high prices is a combination of lack of refining capacity combined with a massive demand in a growing China. Well, since NIMBY is so bad here (I readily agree that this is true), do like most other industries, build capacity locally, in China. They certainly have no regard for their environment. Actually, I would be surprised if they don't already have their own capacity, so that argument doesn't seem to hold much water either.
It seems that every time the price does go up, or down, it's because of some event, like news that fuel stocks are lower than expected, or an attack on a tanker, which again points back to commodoties traders. Which comes back to greed, drive up prices until people WON'T pay any more to maximize profits, which is fine if you're making Nintendos, but not so fine if your screwing with peoples livelihood (as is the case with food prices now in several third world countries)
Well, maybe, as a group (consumers), we will finally have been kicked in the teeth enough by OPEC and the whole industry to really get serious about fuel economy and alternative fuels (serious ones, not ethanol).
Now, I'm putting some nuclear fuel rods in my bike and a boiler this weekend, any volunteers to help me...
