Mark Perry links to a Bloomberg article that plots a country’s share of world oil production against that country’s democracy index. Then he links to an article in the NY Times about the Eagle Ford Field in Texas.
It does not quite support my thesis that oil supplies are constrained by government ownership of petroleum fields but it comes close. Prices are high because governments own those fields and they have to approve the extraction of petroleum. That holds back supply and keeps an artificially high price. You can see the reluctance of U.S. politicians to approve new domestic drilling.