Supply and demand fundamentals have absolutely nothing to do with the current price of gasoline. Peak Oil is the popular explanation at the moment because it can simultaneously forward the agenda of both neocons and environmentalists, but it has no factual basis.
America is blaming China, India, Russia, Venezuela, Nigeria, etc because they want to divert the blame from themselves.
alJazeera Magazine - Are they really oil wars?
Read that article if you think that the current price of oil is a result of supply and demand fundamentals. It's not a short read, but it's a must read. It identifies the perpetrators of crude oil price escalation and explains how they're profiting from it in the futures markets and hedge funds. It explains how, not only is there not a shortage, but there was actually a recent surplus in global oil supplies. Iran just put 30 million barrels of oil that it can't sell into floating storage. The west creates this fear of imaginary shortages to provide wealthy speculators with the ability to drive the price up even further. The Saudis know this. Hugo and Venezuela know this. Russia knows this. Yet, America remains oblivious.