Executives from the giant oil companies say it's partly the fault of "speculators" or financial players. Key financial players say it's really a question of limited supply and expanding global demand. Some members of Congress accuse the Organization of the Petroleum Exporting Countries (OPEC) for bottling up some of its production capacity. And OPEC blames speculators, wasteful U.S. consumers and feckless U.S. policy.

Almost everyone points at China's growing appetite for fuel.

Whatever the causes, one of the most dizzying runs in the history of oil prices picked up pace Wednesday - again - as crude oil prices jumped to settle at more than $133 a barrel, up $4.19 in one day, 18 percent so far this month and more than one-third so far this year. Prices climbed even higher in late electronic trading.

The nationwide average price for a gallon of regular gasoline yesterday also set another record at $3.81 a gallon, up a penny a day for the past month, the auto club AAA reported.

"People don't get it," said Sen. Herb Kohl (D-Wisconsin) at a Judiciary Committee hearing Wednesday at which senior oil company executives were grilled about prices. Kohl said: "Demand is not crazy. Why are prices going crazy?"