underzealous

I've heard reports of a 75 cent spike at some stations in Connecticut to $3.35, although that's on the extreme side -- more normal might be 20 cents to $2.80. Why?

1) few if any refineries have been built in the last several years to increase capacity -- oil companies like it this way
2) President Bush and the Republican Congress have failed to raise CAFE standards -- oil and car companies like it this way
3) The rest of the world has only started demanding oil at higher levels -- this trend will continue

Why don't people get it? Short-term thinking trumps long-term. It's always pay now or pay later, and we as a society choose to pay later. That's also why Bush flip-flopped by opening up the SPR during a non-crisis situation.