About 25 years ago, I went hunting with my cousin who had gotten us access to a farmer's Land in Pe Ell. Coming out we talked to the old time farmer, who told us that the oil companies had come in during the 70's, dug some wells, bought up the oil rights on his and all of his neighbors land. Bought land in Chehalis for a refinery, then left.

By controlling how much oil we pump, we basically can keep the middle east under our thumb. If, as I suspect, we could open the taps and subsidized production, we could bankrupt all the countries that rely on oil for their economy.
Another theory I have had, is that big oil is just biding time, hoping other sources run low or out. At that time, they can control the prices.