Is it really profiteering? I think it's just basic ECON 101 and supply & demand. There's a decrease in supply (partly a real decrease, partly perceived) and gas stations can price a gallon at $3.50 and still sell all of their gas. Why shouldn't you be allowed to sell gas at whatever price you want if people are still buying it?

If you're so angry that they make so much money off of you, stop buying their gas.