Ah, but that assumption would imply the oil companies had complete control over the price of oil...which they didn't.
If they did...then why in the world would oil be low now?
Maybe because they DON'T control that! Simple supply and demand, here. Demand overseas is plummeting much, much faster than ours is, particularly in China. On top of that, the Arabs can't afford to stop production, as they overextended themselves when oil was expensive. Now, they HAVE to keep producing, and at the same time, there is much less demand than 6 months ago.
I know, I know...everyone LOVES to hate big business...but in this case, everyone was pointing the finger at the WRONG PEOPLE.