The US no longer controls the price of oil

...the twin peaks of oil production in 2005 and 2008 reveal that while the world was able to respond to a moderate price advance coming out of 2002, nearly all of the price action above 40.00 dollars a barrel starting in late 2004 did not produce more supply.

http://www.oilprice.com/article-the-us-no-longer-controls-the-price-of-oil-in-a-peak-oil-world.html