[Kirkwood]

1) Higher demand for gas in Asia and India where people have good jobs formerly held by Americans and can now afford cars.

2) Antiquated refineries in the US that are unable to keep up with US demand.

3) Recent refinery shutdowns and pipeline problems in US that raise the demand locally.

4) More auto travel as weather improves in the US.

Having said all of that, it is curious how prices jump so fast in one day. Makes me very suspicious of gouging.

Also having said all of that, the price we pay for gas is still a lot cheaper than most places in the world like Europe and Asia, except where oil is locally produced. I think oil companies now expect the US to pay the same high prices found elsewhere.

[KansasConservative1]

"Antiquated refineries in the US that are unable to keep up with US demand."

Refineries in the US are typically "rebuilt" every 4 years. The process is called turn-around. Though we have not built refineries on new land, every refinery is modernized every 4 years.

[Trader D]

All of the supply & demand reasons you list would certainly put some pressure on gas prices but, the main reason for the huge increases we're seeing now is that the US dollar is at an all time low compared to other world currencies due to the huge deficit. Oil producers must charge a lot more "dollars" to get the same value as before for their oil. Thats why gas prices are rising so dramatically here, but not in other places like Europe where they are staying relatively stable since their currencies are near all time highs right now. Although they still pay more for gas than we do.