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Specifically, Icahn cited widening crack spreads, or the difference between crude oil prices and the price petroleum products that come from refining the crude.
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It is a negative side effect, if you will, of increased global economic growth that -- because of higher consumption of petroleum products, the price of oil goes up often.
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President Bush could help to once and for all pop the oil-price bubble by selling oil from the Strategic Petroleum Reserve on a more regular basis.
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This program is classified as a petroleum subsidy because it artificially reduces the price of oil.
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The Nigerian diesel marketer was briefly a billionaire in 2009 but dropped off FORBES rankings following a steep fall in the share price of his petroleum marketing company, African Petroleum (now Forte Oil) and his very high debt profile.
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The White House has argued that crude oil, despite its high price, is plentiful and that prices for gasoline and other petroleum products are high because refinery capacity is low.
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When the price of oil and natural gas was highly regulated, back in the 1970s, petroleum production failed to respond to rising prices.
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According to the Organisation of the Petroleum Exporting Countries (OPEC), fundamentals do not support the current high price of oil.
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According to the Australian Petroleum Institute, the price of petrol "has largely been driven by rising international crude oil costs and the falling value of the Australian dollar".
BBC: Holiday fuel rise fury
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The White House has argued that crude oil, despite its high price, is plentiful, and that gas prices and prices for other petroleum products are high because domestic producers cannot refine their crude supplies quickly enough.
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It is still higher than the oil-consuming countries would like, although the price is now within the range preferred by the Organisation of Petroleum Exporting Countries (OPEC), and OPEC members are already muttering about production cuts to prevent further falls.
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