Col... like it has been pointed out before. It's called classic supply and demand. With limited quantities of a resource, you price your product at the highest point the market will bear. Actually, gas in the US is still far cheaper than the rest of the world. We're paying below market value for it.
Do I like these gas prices? Hell no... it's cutting into my wallet something fierce. What I am doing though is limiting my driving as much as possible. I drive to and from work, which runs me slightly over a gallon a day. I do all my shopping on one day and try to hit stores in the same area. I don't take as many road trips etc. I'm balancing my willingness to pay against what I want to do. With consumption continuously growing, and OPEC not increasing output, the only direction the price of gas can go IS up. And with a strategic resource that is as limited as this is, you actually want to do everything you can to discourage consumption. A government subsidy would increase demand, drain the resource quicker, and in the background drive the price/value of oil up even further.
Short of tapping ANWR, there is nothing we can do to shift the price of gas down considering what the world trading value of it is. The real answer to this issue is one part citizens reducing their consumption, and one part emphasis on advancing hybrid and alternative fuel cars. The last part being the responsibility of industry and research institutions.
It's all pretty basic economics that's driving this current crisis. And you'll not that even though gas is at (or above in many places) $3/gal, Americans haven't dropped their consumption much at all. The price has not yet hit the point of diminishing returns... which means while we gripe about the price, we're still more than willing to pay it. Maybe we'll cut back when it hits $5/gal, or maybe $10/gal. But the point at which we start to cut back consumption, that's the actual value of a gallon of gas.