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The people of the United States don't recognize it, but the oil industry has given the greatest gift to the people of the nation, and that gift is the low cost of energy. Bottom line is this enables the country to be very competitive manufacturing-wise and in the world economy.

Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.

Pricey oil makes clear that wealth really is energy in various forms.

First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.

All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.

I find it interesting that many of the people who want to restrict fossil fuels live in well-developed countries where abundant and affordable energy is readily available.

There is no free market for oil. It's controlled by a cartel, OPEC.

Interestingly, the oil companies know very well that in less than 30 years they will not only be charging very high prices, but that they will be uncompetitive with renewables.

Exporting oil would not drive up prices at the pump. American drivers buy refined products, which the U.S. already exports. Many studies - from a range of institutions and government agencies, including the Congressional Budget Office and the Energy Information Administration - have shown that lifting the export ban could actually lower gas prices.

You know, if we're going to bring down the price of gas, you have to have three things. You have to have a big reserve, you have to have the ability to develop oil out of that reserve quickly, and you have to be able to produce oil at a relatively low cost.