... you know that we are now for the first time ever energy-independent. We are not dependent upon the Middle East. But the Middle East still controls a lot of the prices. So the price of oil has been way down. And that has had a damaging effect on a lot of the oil companies, right?
If the Middle East controlled energy prices they would be high instead of low. High prices on a good with inelastic demand (consumption is not very sensitive to price changes) leads to higher profits. Energy prices are low because supply in the U.S. has increased.