The oil companies aren't the ones inflating the prices. It's the traders. 95% of oil traded is never delivered. Make it law that if you trade Oil you have to take delivery of that oil. We would have prices back to $60/barrel tomorrow.
Saudi Arabia has said that this oil crises is not because of India or China or low supply. They have even increased supply to prove it. The prices continued to climb. Proving that the speculators are to blame.
In the real estate market people would have to take possesson of the property before they flipped it. Make it law that the oil must be delivered if traded.
Think about what would this country be like with 50% unemployment? No Airlines, truckers, farmers, busses, cars...I'm not going to argue to you about the Escalade and Hummers etc...Because i agree with that. But this country is just too big to have diesel at $5/gallon. This economy will be doomed.