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Actually the president does have significant control over the market thru the mechanism of purchases for the strategic oil reserve. During the run up in prices the govt. continued to buy, decreasing the supply of oil and adding to the pressure for the price push (along with instability in Venezuela and Nigeria and increased demand in China and India) Recently they decided the reserve was adequete and stopped making purchases. If I'm not mistaken-and Buppalo1 can correct me on this one if I am, but I believe they actually tapped the reserve to relieve price pressure. Interesting how they did that after a year and a half of record profits and right before oil prices became a primary election issue.
I hate to be political here but ....