Gas prices have increased due to the increase in the cost & production of oil. But, all else being equal, why are the big oil companies reporting record profits? If consumers are being more frugal in their use of fuel and the per gallon profit has not been increased, what is generating all the additional income? Are we really buying that much more gas or, as I suspect, have the oil companies increased their mark up with no concern for the impact to the average consurmer?
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True, the Chinese have become huge consumers of gas, but who are they buying it from - American Oil Companies? I am guessing they have their own market - but I could be wrong. It would certainly help the trade imbalance with China but that is another topic that hasn't been in the news too much lately. And, I agree, we do have it better that the Brits, but at least they have been smart enough to push for more fuel efficient automobiles while we Americans can't seem to part with our gas hogs.