Since producers are making large profits it can only mean that supply is being artificially kept down so as not to keep up with demand.
Refineries not being built because of excessively high regulatory hurdles and new sources of oil not being accessed due to environmental prohibitions: these are the artifical barriers to supply.
People are right to be suspicious of oil companies being able to make such high profits for so long.
But they should not point the finger at the suppliers, but at the people, AKA gubmint, that is keeping the current suppliers and potential new suppliers from matching supply to demand and bringing prices more in line with what would be expected in a free market.
You nailed it dead on. Perhaps someday a strong will President and House will pass a resolution forbidding investments into the energy sector. It won’t happen until the U.S. middle class is literally screaming for blood and then perhaps we’ll vote people in that actually give a rats *ss about America. Till then, have a great MexAmeriSaudiChicom day!!!
If we cut off Opec, and stopped importing from the mideast all together, drilling our own of course to replace it, especially if we did it as a sanction, the mideast would look completely different at us. They believe they have us right where they want us.