Price Gouging

The arguement has been made that Oil Companies and the like are not price gouging, yet by definition, those who seek to purchase th stocks in the stock/commodities exchange are doing the exact definition.  Recently stated are the expectations that the improving (barely) economy of the United States should bring about more demand for oil, which is why traders are driving the prices higher.  By definition raising the price of ESSENTIAL goods to profit from expected increase in demand is price gouging or profiteering.  So, with record profits for the oil companies, thousands getting rich from the exchanges, how is it not profiteering?  I think these people are going to find themselves in trouble later when they didn't get what they wanted out of the oil as people begin to pull drastic measures, up to and including walking.