The theory that the president sets gas prices (at least since Nixon, who created long gas lines with his price-freeze fatwa) is a new one on me. The causes are the loss of supply due to the Ukraine war and inflation due to a huge increase in the government's spending-to-income ratio.

The "profiteering oil companies" theory assumes that the oil companies were, for some reason, holding their prices below the optimal profit point for many years and suddenly decided to stop doing that. It lacks support in common sense or economics.