Looking for an answer? It's supply and demand.

Want to know why oil and gasoline prices have climbed? The answer is simple -- supply and demand. Demand is up, supply is limited, and nobody is happy. Not consumers, not the refining industry, and certainly not Congress, which is holding hearings this week.

The price squeeze we're experiencing today didn't happen overnight. It is the result of 30 years of changes in the global oil market, geopolitics, and economic growth in developing nations. To learn more, listen to Lou Pugliaresi's podcast below. He is the president of Energy Policy Research Foundation and has been keen observer of global energy for many years: