So the futures market is not a problem?
The price of gas started climbing when Iran threatened to close the Straight of Hormuz. There was no actual decrease in supply but there was an increase in demand, by speculators, not consumers.
The speculators jumped in again when reports predicted the world economy was turning around. Although the contracts are mutually beneficial to the party's involved, the recovery is tenuous and will suffer with this type of profit game. Can you think of a better way to put the brakes on an economy other than to increase fuel costs? (ok, other than a tax increase)
I would think you of all people would find this an aberration of the free market but I guess the politics of doing nothing about "nothing" is more attractive to you.