Did you read that? It rose due to "panic" which is the same thing that's going on right now. There's no need for prices to be this high.
Well unfortunately, that's just a fact of life. You get 1 or 2 people out of 10 who panic and buy up way more than they need and it just screws everyone over.
And believe me, the oil companies are more than happy to fuel (no pun intended) the panic any way they can.