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The prices are set in New York, London, Melbourne, etc.

The oil companies have nothing to do with it. Libya has nothing to do with it. Oil is a commodity just like wheat, gold, or orange juice.

Anything that threatens supply can spook markets and result in a price increase.

As far as why prices at gas stations rise so fast, it's because of a simple rule of retail - you're not paying for what's in the station's tank right now, you're paying for the shipment that will be coming in next week. The station has already been notified of pending increases because oil has gone up.

69% of the price of a gallon of gasoline is dictated by the cost of the oil in it.

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