I dispute that OPEC is weakened. The Saudis have controlled the marginal barrel for about ten years, except for the brief periods when oil spiked down. OPEC weakness would be demonstrated by low prices, not high prices, and world prices are currently relatively high in historic terms. Non OPEC is pretty much pumping all it reasonably can at these levels, including the Russians who are increasingly technically less competent to bring more oil to market. This pricing regime fits with Saudi planning where they desire their oil to be valuable for many years to come. Sheikh Yamani several years ago made an excellent point that this pricing and behavior could eventually be what drives the first world, and America in particular, to electrify and invest in nuclear. That is pretty much the obvious policy response, except for fear and the NIMBY factor.
Gasoline isn't all that international either. You can't take generic gasoline and sell it into either California or Europe, for example. Jet and Diesel, which have been on and off again more valuable than gasoline since 2008, are more generally similar in required specification.
To the point in the parent's parent, the best evidence that Wall Street is not setting prices is OPEC likes to say that Wall Street is setting prices. If OPEC is saying it, it has nothing to do with the truth and only anything to do with what OPEC wants the world to believe. More precisely, crude oil has no value independent of its utility unlike gold, for example, which has cosmetic value aside from industrial utility (I lump the supposed intrinsic value of gold in with cosmetic). Also, storage of crude oil once produced is much more constrained than that of gold. There are a bunch of safe deposit boxes and jewelry boxes and basements on top of the massive facilities at Fort Knox and the Fed Branch of New York and wherever else around the world. There is not an excess of crude oil tankage around the world, you can't store it in your basement, and if you could it would then be difficult to get to a refinery. If speculation, and not physical supply and demand, were driving the market, that existing tankage would fill with no viable outlet and prices would adjust downward. The absence of a global build up of crude or products is evidence against speculation being the driver.
Prices don't come down from domestic drilling because the United States and Canada (considering both domestic to catch a wide net with this response) are not setting the marginal barrel. The Saudis are. The US and Canada can't produce enough, even in Sarah Palin's wildest deluded dreams, to set the marginal barrel on the world level, at least not as long as the Japanese are not restarting their nukes and are running Indonesian light sweet crude through power plants (an insane waste of crude, except that is all they have without the nukes).
If anyone reads my post and is generally interested in market pricing, I point to Valero which maintains an excellent spreadsheet showing current pricing trends:
Their refining tutorials are also very good for a non Chem E introduction to the industry.
Reposting since I saw I wasn't logged in for the original (slow on the uptake tonight...). I'll claim my opinions...