http://money.cnn.com/2008/05/23/news...ex.htm?cnn=yes
This article laid it out pretty good. Unless there is more exploration and more drilling and refining to bring supplies up, gas prices are going higher due to the fact investors know their is no easy alternative and people won't stop consuming it.
It should be in the oil companies interest to produce more in order to sell more, but they are making more now than they were when gas was cheap due to the fact they take a percentage for their profits instead of what the government does and takes a set amount per gallon in taxes.
As for oil rationing, there are people who use too much and should cut back. It would be interesting to see if the government could put limits on it like if you drive a SUV, you only get enough to go 600 miles/month, but if you drive a fuel efficient car, you get enough to go 1200 miles/month. It would be hard to limit the taxi drivers, truck drivers, and other people who use fuel for their jobs though.
I would vote to increase the gas tax in order to provide subsidies to people who take public transportation, use alternative fueled cars, or for R&D on new efficient cars.