We are by far the number one consumer of oil. China's trading partners are countries we don't do Oil trade with for the most part. There are many factors that go to into the price of oil and Government regulations is definitely a factor. With the recent strides in Fracking should make the price of oil plummet but it hasn't. There are over 100 different feul mixtures in America right now. That is due to different cars taking different types of octane, but do moreso to government regulation. Keystone would cause the price to plummet, but we all know what happened with that.
There are those with agendas who don't like the use of oil as a fossil fuel. It's a bait and switch. Make cheap abundant fuel seem expensive so expensive fuel seems cheap. Government needs to just stay out of it, stop subsidizing, stop regulating and stop interfering. It's already known the Government has the exact oppisite of the Midas Touch.
"What country can preserve its liberties if its rulers are not warned from time to time that their people preserve the spirit of resistance?" -Thomas Jefferson-
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"The whole of the Bill (of Rights) is a declaration of the right of the people at large or considered as individuals.... It establishes some rights of the individual as unalienable and which consequently, no majority has a right to deprive them of." (Albert Gallatin of the New York Historical Society, October 7, 1789)