Also, I will take issue with a popular diary from yesterday. Oil Prices are indeed manipulated on a worldwide basis....
The muultinationals have long term contracts or production sharing agreements with OPEC. Both companies and contracts benefit when the spot price increases, because their cost is so much lower.
If their was truly international competition in the oil markets, there is no way that the oil companies could be making the obscene and unprecedented profits they are making.
Their used to be a remedy for this: antitrust laws. Standard Oil was split into many parts a century ago. It has been slowly aggregating again ever since.