Something that has always bothered me was the rapidity of the rise in oil and gasoline prices. We see reasons listed such as peak oil, the rise of China and India, and so forth. But that doesn't explain why we went from $1.35 gas to $2.50 gas in a matter of a few months, well before Katrina and Rita disrupted Gulf rig operations.
It appears to a non-expert like me that this market has been manipulated by forces outside of supply and demand. Maybe this is a big "DUH!" to most people, but if market speculators are holding prices up, then it looks like a bubble just waiting to pop to me.
Maybe wishful thinking on my part.
Part of the "demand" is futures market speculation. These are contracts to buy or sell gasoline. They can cause wild swings in prices if the speculators perceive that there will be a change in supply or demand.