But it isn’t one company with a monopoly. It is hundreds. The competition exists.
When OPEC produced too much of the world’s oil supply, it had more ability to control market pricing. Even that has diminished.
That is like saying there is no competition for fast food because all the different companies are still making fast food.
I don’t disagree with your point. Further I would add that I like the way TBoone Picken’s plan for natural gas vehicles is coming along. That will further reduce demand for oil.
It is in the interests of consumers to have lower fuel prices. Because lower energy prices are directly causal to wealth production around the world. Lower energy prices and the wealth of the world explodes. That explosion of wealth creates a higher demand for energy.
Energy supply and demand is very very elastic.