I think where we are getting mixed up is in terminology. When you say "oil companies", I think you may be referring to the entire oil supply market which includes state-owned oil producers (OPEC, Russia, etc.) who have a much bigger influence on market prices than oil "companies". Middle-Eastern countries have a much lower production cost than in the US, thus why there are constant negotiations with OPEC on supply - those countries can (and like Dhonks said, have tried to) run the oil companies out of business by flooding the market.
I would agree with the "price gouging" comment (and I'm sure in some micro markets with limited supply there is some) if prices never dropped, or dropped much slower than they rose. But that isn't true; if you look at an overlay of gas and oil prices, they mirror almost exactly over the last 30 years. In fact, it looks like price drops happen more rapidly and dramatically than price increases. What's happening now is that countries that do not produce any oil (think Europe) are clamoring to secure supplies, driving up the contract prices.
The reason that gas mirror oil, even if current gas supplies were purchased at lower prices, is that if prices drop (which has been well documented over the last 30 years and can happen rapidly) a competitor can purchase gas at a lower price and thus they will sell for a lower price. Most people view gas as a commodity and will purchase from whoever has the lowest price. Not only does that company then lose out on those sales but they also increase holding costs which compounds the losses - they'll have to sell for a lower price eventually, so gas prices always mirror current oil prices. Plenty of times gas supplies have been sold at a lower cost than acquisition when prices drop. If there is a sustained delta between oil prices and gas prices, that's a sign of "price gouging".
This may surprise you, but the Saudi's don't want oil to be this costly. They know that if oil gets too expensive, it accelerates the development and purchase intent of alternative fuels and technology. How many people were motivated to buy an electric vehicle three years ago compared to today? The Saudis are actively trying to diversify their economy because they know that once the gas market goes away their entire economy goes away, and high gas prices will bring that day all the faster.
Point being, the market is much more complex than what the "oil companies" are doing and it takes longer than a couple of weeks for global supply/demand to balance if there is an external shock. Price spikes happen, but if you look historically they've never sustained for long periods of time. Oil prices are already 15% lower today than last Thursday.