Dow Jones averages tell nothing of individual holdings. The funds, e. g., one like than held by the Ontario Teachers Union, has a very diversified portfolio, consisting of selected stocks and bonds, office buildings, mall and other commercial real estate and construction projects ($109 Billion in assets), and is prepared to ride the ups and downs of the markets, guided by their economic experts. The diversified energy companies happen to be bright at the moment and balance off sluggish holdings that they rate hold and not sell.

We cannot take production cheaply from the majors discoveries in Sakalin, China, Malaysia, etc., because the countries that the agreements are with get first dibs, only that which is excess to their needs can be sold elsewhere- and not at bargain prices, but the market price.

It is a myth that E-M and other majors profits come at the expense of business- it is the producers and the market that set the prices- the majors produce only part of the oil that they refine and transport, the rest they purchase. A 10.4% profit for 2007 is not excessive. (2007 annual report now on the net)
Scale, size, must be considered; the profit cannot be cut to the scale of a mom and pop business.

One might ask Canada, the No. 1 supplier of oil and natural gas to the U. S., to cut their price, but I doubt if the Canadian government would allow the producers to comply. One might ask Saudi Arabia, No. 2, or Mexico, No. 3 or Nigeria, No. 4, to cut back from the $140 or so, but I am sure that their answer would be no. Businesses must integrate the cost and the consumer must pay (his only recourse is to limit use as much as possible).

Some oil is still coming out of Texas, Alaska, Louisiana, etc. I suppose they could be forced to cut price, but on the other hand they might shut down and walk away to greener fields.

There is no way the next administration can change the 'status quo'- they don't hold the cards to make it happen. The market is global, and insular solutions are no longer possible.
Adapt or die.