the higher price isn't curtailing demand (for alot of reasons), and there are no shortages. so the theory that the higher price is a market force that is correcting a supply/demand imbalance, falls apart. the price is higher, consumption is the same, supply must be the same because there are no shortages, so the higher price is due to "something else".
*BINGO* !
Wrong. The truth is the higher prices PROTECT THE SUPPLY - because you'll buy less!
Let's say we go down to $1.80/gal again suddenly. Guess what?
Remember the '70s gas lines? All thanks to price controls. Go ahead, stand in line for hours in the hot sun or freezing snow and wait for your bit of gas.