The Issue I have with Big Oil is more along the lines of their drive toward monoplism. Already the oligopoly has a commanding presence in the industry, and mergers only tend to decrease the natural motor of capitalism--competition.

The oligopoly is an insidious form of industrial control. It encourages sameness, discourages venture of creativity, and "conspires" (although it's difficult to catch them at it) to fix prices , politicians, and working conditions. My guess is that huge amounts of refined or nearly-refined gas are available (perhaps "in transit" or just in temporary storage) waiting for the gradual release that will drop prices starting in mid-August and continuing right up until the elections. It's the only thing that can get their man (McCain) elected.