Dear Editor,
Ned Cantwell’s recent editorial piece drove home the point that most of America cannot, will not, or does not have the time to understand the reasons for the increase in the price of oil and gasoline. Since I have had the time, I hope I can clear up a few myths.
Myth #1: “Big Oil” is responsible for the price of oil and could choose to lower it.
Oil is a global market; its price is determined by the intersection of world demand (increasing fast) and world supply (stagnating).