Global Markets Decide Oil Price, Not Any One Company or Country
The global price of crude oil is determined by supply and demand on international markets, not set by any single company or country. The U.S. is a significant player in the market, but its record production doesn't make Americans immune to global market shocks.
Crude oil is like wheat, copper, and coffee - it's a global commodity produced by thousands of companies worldwide and sold into an interconnected market. No single company or government controls enough supply to determine the global price.
The New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) are where buyers and sellers make decisions in real time, setting benchmark prices for crude bought and sold worldwide. When demand outpaces supply, prices generally rise; when supply outpaces demand, prices fall.