Prices set a Labor Day high of $3.83 per gallon in 2012, De Haan said. In the past, there was plenty of refining capacity so gas prices were set mostly by the cost of oil, Woods said. Today, the constraints on refining have created a "disconnect between crude prices and pump prices" the CEO said. Gas prices are now being set by the demand for refining — not crude oil, he said. Oil prices are up about 14% since the war started while retail gasoline is 36% higher than pump prices on Feb. 27.