It's not just about supply, or the future expectation of supply that drives the prices.
One major factor that I've seen very few talk about, is the value of the USD.
When countries can buy our refined and raw crude oil cheap because the USD has lost much of it's value, our own prices here at home will go up, and up and up.
Reality is that new supplies of oil will NOT drive that down either. (It will help, but it will not overcome the very real problem of our dollar being "printed" and supplied to the tune of over three times as much as it was in just 2008.) The oil companies can profit more selling products to anyone but here in the USA. As other currencies increase in value compared to the Dollar, the "cost" of oil from the USA drops. The cost of grain and other commodities drops too, so they buy more of our corn, our wheat and soybeans etc. (What do you think this increased demand on our commodites has on domestic prices? LOL Again, Econ 101 folks, increase demand, and prices go UP. Your food prices have gone where? Your fuel prices have gone where? While the value of our money has gone where? AND YET, SUPPLIES OF OUR MONEY HAS GONE WHERE?
Has demand for the dollar gone up over 3 times since 2008? What has the economy done with demand for the dollar? (If anything, it's gone down.)
Yet we have allowed the Fed Bank, and Obama Administration to liquidate our money to try and prop up Wall Street/Banks and others who contribute to their power.
It's going to fail, and fail soon.
Food prices, gas prices and every commodity shows the signs, if folks knew what to look for that is. (The media? They not only are turning a blind eye, but think they are doing the country a favor for it, as they think exposing this reality will hurt Obama.)
It's going to hurt everyone that lives paycheck to paycheck, and while those on "food stamps" will be fine for awhile, the reality is, the Feds can't pay for the entitlements forever.
There will be a reduction in tax collections like never seen before, mostly due to the reality that unemployment will skyrocket.
Why? What happened last time around? Layoffs, bankrupt companies and the economy took a dump when the gas prices spiked, along with food prices etc. This time around, there is not just panic that will drive the prices, but the very real over liquid state of our money, that will produce inflation like we as Americans have never seen before.
Imagine your 401K, savings accounts and other "assets" all being liquidated overnight by a dollar that goes from being worth less than the 80 cents it is now compared to 2008, to say 20 or 30 cents of buying power to 2008.
A shift of that magnatude is a very real possible outcome.
And high gas prices are just an indicator of the sickness in our money/economy.