Why is gas so high?

I just read this and am more discusted than ever about the price of gas.

BP, Shell See Big Windfall On Oil's Run-Up
By Guy Chazan
Word Count: 586 | Companies Featured in This Article: BP, Royal Dutch Shell, Exxon Mobil, Chevron
LONDON -- Soaring petroleum prices are proving to be a bonanza for Big Oil, with Europe's two largest energy companies, BP PLC and Royal Dutch Shell PLC, reporting sharp rises in first-quarter profits.

Shell posted a record quarterly net profit of $9.08 billion, up 25% from $7.28 billion a year earlier. BP's net profit rose 63% to $7.62 billion from $4.66 billion. Both companies' earnings easily beat analysts' forecasts, helped by an oil price that averaged above $90 a barrel during the first quarter, a 70% increase from a year earlier.

Bush's reaction. I think it is more of an act than anything

Bush says no magic wand to lower fuel prices
Tue Apr 29, 2008 3:42pm EDT Email | Print | Share| Bush says 'tough" time for economy


WASHINGTON (Reuters) - U.S. President George W. Bush said on Tuesday there was no "magic wand" to bring down record-high fuel prices but would consider a proposal to suspend federal gasoline taxes this summer -- an idea that has divided the 2008 presidential candidates.

Trying to calm anxious Americans facing $3.60 a gallon gasoline and soaring grocery bills, Bush again prodded Congress to open an Alaska wildlife refuge to oil drilling and allow construction of more nuclear and coal plants.

"I firmly believe that, you know, if there was a magic wand to wave, I'd be waving it, of course," he said during a news conference. "I've repeatedly submitted proposals to help address these problems, yet time after time Congress chose to block them."