The oil companies to not set the price of oil any more than a farmer sets the price of corn.
Oil is a traded commodity, just like gold, corn, pork bellies, or coffee.
Any individual or entity can bid on a contract for delivery. Valero does it to have product to refine. Others do it to sell the contract and make a profit.
On banner years, when corn is high, farmers who grow the corn are rolling in the dough. It's exactly the same with oil. When oil prices are up, those who pump the oil are rolling in the dough.
Your anger toward oil companies is entirely misplaced.
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