Oil companies are making a ton of money right now, but I don't see any reason why they should be forced to lower their prices.
The market will work things out. They're pushing the limits on how much they can get away with, and the market is responding by producing more efficient vehicles, and alternative fuel systems.
If they had kept it at $1.00 a gallon, nobody would have ever heard about a hybrid or fuelcell technology.
Tree hugers (I use that term loosly, please don't take offense) should be happy as hell the prices are going higher. But they seem to be on the front lines of saying they're gouging, and need to lower prices.... :dunno