For a link to the latest in the oil market, check up USA Today reporter, Barbara Hagenbaugh's latest article in USA by following this link: http://www.usatoday.com/money/industries/energy/2007-09-11-opec-oil-production_N.htm
My comment posted earlier today was: If big oil is a monopoly, then big oil would have the incentive to make as much money as possible. In the econ world, when a company lowers the price for a good like oil and total revenue increases, the good is considered elastic. But the price is INCREASING and total revenue is going up. This must mean that the good is inelastic. No monopoly would set the price on the inelastic portion of their demand curve since it wouldn't maximize profits. Given that the price of gas has gone down as well as up, the oil market must be competitive and simply reacting to supply and demand fundamentals.