if the oil markets were relatively free you might have a point, but oil markets are basically controlled by OPEC and are from free. Further, oil demand is relatively inelastic and thus when prices go up consumer usage typically goes down by an amount which WILL NOT OFFSET the increased profits.
Why do you think these companies were pulling down record profits when gasoline went north of $3/gallon in most of the country? The demand for oil is going to be there no matter what the price (within a range of prices, I mean).
As it is, the oil industry really has very little reason to be concerned about costs to consumers.