Its not that simple....

Oil spikes to over $110/bbl...it takes a couple weeks for the increased cost to be translated to the pump, just like it takes a couple weeks for decreased cost to be translated to the pump as well.

That's also not even taking into account the extremely weak value of the dollar vs. the Euro. Oil is traded in dollars, so when the value of the dollar drops vs. other world currencies it costs more dollars to purchase.

Don't blame the oil companies for the high cost of oil; blame the bastard commodities traders and speculators for that. THEY ARE TO BLAME.