Pesonally I think OPEC is doing a great job. Its there duty to make sure the citizens of those countries get as much money for every barrel of oil they can - 70% of the money BP gets for the oil they pump out of Iran goes straight into the Iranian govt coffers, BP only makes 30c in every dollar on that oil. If they ween't value-adding it (refining it), it wouldn't be worth their while.
Remember places like Kuwait & Brunei pay every adult citizen a income of like $30000 to do nothing, plus give them all free housing & cradle to grave education & healthcare. Citizens only have too work for their mental well being, foreign guest workers do all the hard 'yakka'. So those govts have to make sure they get as much money as they can from the oil reserve, by keeping the tap only half open.
Fact is the US is about the biggest producer of oil, but because Americans consume so much of the stuff, they need to import most of it too. If American states didn't spend their billions on freeways & spent it on railways instead, Americans wouldnt feel so much like hostages of Opec. Gez I couldn't beleive it when someone told me that Houston has got a population of 7 million & urban sprawl that goes over the horizon, yet they don't even have a railway network, so everyone spends hours a day in peak hour traffic. Plus the way so many people drive those bloody silly big 4x4s (that look like the've never seen a dirt road) or big V8 pickups (that look like the've only had shopping from the supermarket in the back), useally with just one person in it driving to work, just makes the problem worse.
We Aussies can't talk, after all the only cars made in Australia are big RWD 6 cylinder & V8 Holdens & Falcons, plus V6 Camrys/Avalons & Magna/Diamontes, but at least our cities have suburban railway networks that even go into neihbouring satellite towns too. Gez Sydney, a city of 3.5 million has railway sidings bigger than the whole LA subway system, yet metropolitan LA has a population of bloody 15 or 20 million or something.
Then we have Europe where basically the only people complaining about fuel prices are truckies, farmers & cabbies, because just about everyone else uses public transport & most don't even own a car.
I did read an article in the paper that implied that the last think Bush would want would be for the govt to dip into reserves, as that would have a negative effect on prices. Which is the last thing he'd want, as his family trust is making a fortune out of these high prices.
Remember petrol is a fianite resourse (even though there's still plenty of it about), so the odds are its going to go up more than it goes down. Really the situation we have with fuel prices could give the world a chance & the stimulous to adapt, for the future - Alcohol, Hydrogen & public transport are the future, not fossil fuels.