“It is indeed ironic that US government officials – including George W Bush himself – have been calling on OPEC to increase oil production to bring prices down to reasonable levels, when the main reason behind their unprecedented rise lies on their own doorstep.” -Jerry Haylins, Editor, OPEC Bulletin – Link
Prices of oil, gold, wheat, and other commodities are rising because of the decline of the world’s reserve currency – the U.S. Dollar.  Dollar value decline, entirely caused by inflation (that is, increase in the money supply), precipitates speculative market action further raising oil and commodity prices.  
Oil prices are not rising because of a lack of supply,  which makes the U.S. Congress’ move to allow US to file suit vs. OPEC nothing more than a cheap political maneuver, and indeed a clever misdirection of blame for rising gas prices.
From OPEC Bulletin 3-4/08, Financial Turmoil at heart of oil price spike:
“The current price environment does not reflect market fundamentals, as crude oil prices are being strongly influenced by the weakness in the US dollar, rising inflation and significant flow of funds into the commodities markets.”
“The financial problems in the United States, particularly the sustained slump in the value of the dollar against other major currencies, is fuelling the triple-digit oil prices seen on international markets today, and not any shortage of crude supply, OPEC Conference President, Dr Chakib Khelil, has asserted.”
“The most recent upward movement [of crude price] has occurred in parallel with a sharp slide in the value of the US dollar and, in turn, a move by many investors into crude futures contracts… This has significantly influenced the short-term oil price, and this dynamic has also lifted the prices of other commodities.”
“At the most recent OPEC Conference on March 5, following a thorough review of the available data, it was observed that the market is well-supplied…There is plenty of crude available, yet despite that the oil price is high. This is simply because the price is being driven by factors other than supply and demand,”
“Algeria’s Energy and Mines Minister, spoke frankly about what is happening in the oil market today, pointing to what he described as “mismanagement” of the US economy as being a chief factor responsible for oil prices surging over $100/barrel. “The oil price is high, but not as a result of a lack of crude oil or petroleum products,” he stressed. “The high prices are due to what is happening in the US — the financial crisis and the lowering in value of the US dollar…”
“Despite their overtures towards OPEC, US authorities are clearly aware of the problems being caused by the dollar’s depreciation… the US Federal Reserve and other central banks ploughed hundreds of billions of dollars into the nation’s ailing credit markets, in a bid to rescue the currency.”
Characterizing Federal Reserve policy as trying to “rescue the currency” is a lie. Federal Reserve policy-makers know that printing billions trillions of dollars and throwing them at credit markets exacerbates inflation, driving the Dollar value further down.
The true long-term goal of the central bankers is to destroy the U.S. Dollar, the Unites States, and most of the global industrial economy, paving the way for a ‘post-industrial’ world – a ‘zero-growth’ society of slaves and masters whose power cannot be challenged, ever.
There is another that myth propagated by the wealthy elite which serves the same purposes – man-made ‘global warming’.
 Financial Turmoil at heart of oil price spike, OPEC Bulletin, 3-4/08
 More on the real reason behind high oil prices – Part II, F. William Engdahl, May 21, 2008