The government controls and limits the exploration, drilling and refining of the product. Source countries control the production, shipping and fix prices. Oil companies make record profits after rumor, natural disasters, and during war.
I don't see anything normal about the oil market.
Careful if you rock the boat, you're apt to be called a deluded marxist. The company memo is that the ONLY reason that oil could possible be trading where it's at is due to us not drilling for oil in Alaska. Which is funny since California produces more oil than Alaska. Texas produces way more than Alaska. And they are developing an oil field in North Dakota that dwarves ANWR called the Bakken Formation. Hopefully that will be developed. None of it though will bring us back to $1.50 gas.