Oil Prices

I have always been told that competition is good, the more people offering goods the better, also I believe it is illegal for competing companies to get together and price fix.

So tell me, why does this happen with oil, which idiot decided that the worst most important commodity should have a set sale price for all, be traded by idiots only interested in what model car to buy with their massive bonus and finally allow the production to be governed by people who’s interest is to keep the price high.

Surely we should be creating competition to reduce the price, not allowing idiots to trade oil, it’s too important to the world.