Your exactly right, they are at all time record breaking profits. Greedy SOB's, but simple economics -remember the good old supply/demand curves!!
I keep hearing on the news that the gas companies won't let it get over $4/gallon (in the US) because it could actually decrease profits as studies show at that price point Americans would conserve by not vacationing as much, buy gas effecient cars, carpool etc...! The old bald guys at the gas companies with the golden friggin parachutes, and the fat cat lobbyist in Washington sure don't want that now do they!
I say we all start riding our bikes everywhere....wait a minute, the mountains are a 2 hour car ride away so how long would it take me to get there on my DH rig let alone have any energy to ride - ok, I'll pay $4/gallon.