The pain at the pump is forcing people to cut down gasoline usage, resulting in a big drop in gasoline demand in the country. At the same time, domestic production is booming, with the number of rigs just in the U.S. oil fields more than quadrupling in the past three years.

Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world combined — and by a wide margin: 1,994 versus 1,171, the Wealth Daily reported.

There is more supply and less consumption, but prices are rising…

“Because Oil companies and financial traders (think Goldman Sachs and Morgan Stanley) make money by speculating on oil trades, the cost of gas continues to rise along with their profits,” Public Citizen, Washington-based nonprofit consumer advocacy organization says.

The advocacy group says the impact of speculation on gas price was addressed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, but Big Oil and Wall Street are playing the same game since some of those rules haven’t yet taken effect.