In announcing the “privatization” of the remaining oil fields in his country, Venezulean President Hugo Chavez bellowed “Down with the U.S. empire!”

The screech of fighter jets above served as his punctuation, seemingly to create the impression of a military coup.

Chavez was declaring victory over powerful American oil companies, which, to keep drilling rights in Venezuela, must now negotiate with a belligerent leader who believes they have exploited his country for decades.

This revolt against oil companies was no surprise. What is surprising, given the crippling spikes of oil prices in the United States, is that it hasn’t happened here already.

Mainers could see record gasoline prices by the end of this month. There are already spot shortages showing up in the Midwest, due largely to trouble with a pipeline feeding the commodity to the nation’s midsection. Prices in Chicago are climbing quickly.

And while world prices – reflecting global fears of interruptions in places such as Nigeria, and the oil field annexation in Venezuela – continue to be a major factor, we in the U.S. can also lay blame for soaring prices and possible shortages on the entities with the most control over them: oil companies.

Big Oil has refused to build new refineries until the federal government eases environmental regulations, and has asked the government to sweeten the pot with tax incentives.

Meanwhile, several refineries today are either down, or partly down, for “routine” maintenance and formula switches to summer blend gasoline. Oil companies know this must happen every spring, yet it’s become as expected as a sunset that significant petroleum reserves to ease the pinch won’t exist.

Why?

Because refiners stand to make more money per-gallon by creating shortages, artificial or real, and reap record profits. Energy observers are predicting steady escalation in gasoline prices through the summer, as fuel demand peaks, given recent government assessments showing a 1.1 million-barrel drop in reserves this week alone.

Shrinking supplies, at times of peak demands, mean less money in the pockets of American consumers and should be a high-octane formula to ignite consumers to simply say “Enough, already.” Then, and only then, will Congress apply pressure on the major refiners, start to talk about the windfall profits and perhaps agree to change regulations.

If consumer revolt isn’t threatening enough to spur Congress, try this: The U.S. is one disaster – it doesn’t even have to be a major one – away from $4 per-gallon, or higher, gasoline. This could happen virtually overnight and create an economic cataclysm.

In the short term, though, we expect gasoline to stay approximately $3 per gallon through Memorial Day, and nothing to change.

Unless the American consumer starts to bellow like Chavez.