You folks seem to be forgetting that the oil companies are a FOR PROFIT bunch. They are not in it to break even or lose money. I don't fault them for selling gas for as much as they can.
If you owned an oil company, you sure as heck would be making as much as possible.
Just like anything else, price is determined by what people are willing to pay. Demand versus supply rules the world. As long as demand remains high, prices will follow. If American drivers bought a lot less fuel for a few weeks, you'd see the price come down. We cound easily do it, but nobody wants to be that person that is inconvenienced.