The US produces about one third of the world’s supply of gasoline but it is still subject to the world price which is currently $3.00. If China needs gasoline to keep expanding at 9% per year they will pay what is necessary. The US refineries are running at capacity and they sell their excess on the world market. As the world demand increases, notice I said world not US the price will rise. This will continue into the foreseeable future.
Also when you say they oil companies are gouging us at the pump be advised that the big five oil companies operate 32 of the 141 refineries and the rest are run by independent operators. When the world price goes to $4.00 they could continue to sell on the US market at $3.00 and that would stop the rise in price here but is that what you call good business practice.
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