OPEC controls oil prices and we don't control OPEC. C'est la vie, eh? They saw how well their oil embargo worked with the Yom Kippur War and Jimmah's disastrous handling of the affair, as well as our tolerance of the new high prices after the fact, that they're doing it all over again.
We can immediately lower oil prices by sticking it to them and expanding domestic refining and oil drilling. If we went all out, these speculators would immediately sell their reserves, knowing that their days are numbered. Make some changes in refining rules and lift the ethanol tariff, and the situation is made even better. A few simple moves that would fix everything.
A few simple moves opposed by Democrats.