I was told by ShanghaiCeltic who lives and works in China, that fuel there is cheap due to government subsidies. It sounds to me like the Chinese have increased world oil demand and thus helped to push up prices, yet they are selling it at home for less than they pay for it.
There must be a reason for this but it is too obscure for me to figure out.
Of course GW Shrub's little excursions to foreign oil producing parts hasn't exactly reduced the world price of oil, although it has helped put up the profits of the oil companies.
I bet he has Exxon shares!
Giok