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People get all upset to hear that the oil companies are making huge profits, and I do understand that with gas prices being so high. But, oil companies are not setting the price of oil and they are not responsible (as far as I know) for the production levels of OPEC. They are selling oil in a free market at a priced based on the commodities market. Grain farmers have been growing corn for ever. They don't set the price they sell it at - it is driven by the market. For the previous 5 years at least they have been selling for $80-$90 dollars per ton. This year, because of the commodities markets, corn is worth $200/ton. So, it is conceivable that many farmers will also have higher profits this year. And, they will pay more taxes on that profit. High gas prices suck. We should be drilling in ANWR and off the continental shelf in a responsible manor to allow us to have a bigger effect on the commodities oil price. But, it's not the like oil companies are setting the price for oil which is driving up their profit. Am I wrong in this thinking? On the Middle East oil fields, who owns the oil? Does Exxon have to buy oil and refine it, or do they own the oil and pay a royalty to the land owners?
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