[Old North State]

I think oil represents the ultimate, fungible, international commodity. The price is set on world markets based on world supply and world demand both of which are mostly beyond US control. That said, we here in the US have little room to whine about prices or foreign control while we refuse to add to supply, if just for internal markets.

[thackney]

I think oil represents the ultimate, fungible, international commodity.

Correct, and the West Coast Refineries is willing to pay the market price just like Japan Refineries. Now Japan is about twice as far away. BP, ExxonMobil and ConocoPhillips own most of the oil coming out of Valdez. Do they want to pay twice the shipping cost to delivery product or sell to the closest buyer, who is also the world's largest importer?