Thanks for explaining this. That makes sense that the oil companies also increased reserves and need to sell the refined product. I remember reading that China has secured oil contracts with OPEC in recent months that have not been favorable to the U.S. Is that affecting why prices at the pump haven't increased though? I don't understand that part of the equation.
High oil prices will eventually have the very effect that al Qaeda is trying to accomplish - wreck our economy. For every extra dollar we spend on energy, that's one less dollar spent fueling our economic recovery.
Something our 'friends', the in House of Sa'ud are acutely aware of...