Its basic supply and demand... China especially, as well as other rapidly developing countries have played a large part in huge increases in demand.

Another aspect is our weak ass dollar, which is losing value to to 6 or so years of massive overspending. We've been printing way to much money to pay for various foreign adventures, and other ill-advised spending practices.. as a result, our dollar isnt worth as much. We would have crashed into massive depression already if an extremely high portoin of the worlds debt wasnt held in dollars in the first place.. but as debt flees to other currencies, we will have to clean up or act or face economic annihilation.. but I digress.

A third part is taxes, and royalties... the article Helemoto linked was a very good one, go back read it , even there it says that the oil companies would be paying 100b in taxes/royalties for a 40b profit.

When you think about it, thats a tax/royalty rate @ 250% of profit. Frankly, judging by that metric, I'd say the amount of profit is absurdly low. The US govt only accounts for part of that figure, part is royalties paid to say, the Sauds ( Bushes friends.. and what excellent examples of liberty loving enlightened folk..... lawls) but still, US taxes are still going to be eclipsing the profit totals by a wide margin.

Imagine the price of gas, if the taxes were gone, and oil could be had from alaska and other domestic sources, and as such no royalty paid. The price would drop by a large margin, even though profits would also rise.

Moral of the story : instead of blaming big oil, and expecting a government to somehow forcefully lower prices - place blame where its deserved - on our own government. Our gas prices are our own fault, for electing the F-class government we have been electing, and supporting the retarded policies we have been supporting as a society.

The real culprits are US voters.