If this were true, you'd see wholesale gas prices out of whack; in fact, US wholesale prices for gasoline are about on par with the rest of the world. The difference (in both Europe and the US!) between wholesale prices and pump prices is largely taxes. The last time I saw it broken down, 80% of pump prices in Europe are taxes; 35% in the US.
Unless you're trying to say that the oil companies should get taxed instead of the consumers; it still doesn't add up, though.