The moral difference is this: THE GAS PURVEYORS OWN THE GAS.
The practical difference is this: looting reduces the goods available for you to purchase, while high prices increase the goods available for you to purchase. If the gas stations charge less than the market price, there will be a shortage.
Expensive gas beats NO GAS to hell and back.
Your problem is that you've bought into the common fallacy that production cost determines (or ought to determine) price.
I think what the gas companies are doing is way over the top. There is NO explanation for gas going from 2.65 to 3.35 overnight, none. Except price gouging