I don't think there's any doubt the big oil companies are doing a bit of price-gouging...
Two possible endings to that thought:
...so this is a great opportunity to buy oil puts to undercut an unsustainable cartel.
...so death to the filthy imperialist capitalists and long live the worker's paradise!!
Who's side are you on?
I agree with you that the oil companies are making enormous profits from this. I say let them. The more they price-gouge, the more incentive there is for an alternative energy source. And when the alternative energy source takes over, you are going to see these companies collapse. And that will be a fine day. I am very tired of high energy costs. The cost of dealing with the Arab nations is too high, and our oil companies are well aware that we can't drive any less than we are right now. They could probably set the price at $10 a gallon and we would still have to buy it. I know it's not entirely their fault, but it will be immensly satifying to see an alternative energy source send oil's price through the floor.