Oil is Plentiful, Demands Weak, Why Are Gas Prices Going Up?

Storage tankers across the globe may be brimming with oil that no one is buying because of the global economic downturn, but the traditional laws of supply and demand don't always apply to oil prices. Drivers have faced rising prices at the gas pump in recent months, as investors and oil-producing countries hoard supplies in anticipation of a global economic recovery later this year.
I was wondering why the oil prices were going up and now I know. They were like $1.47 a few months ago, and continued to rise ever since. I guess we'll have to wait a few years for the oil prices to either diminish or peak itself.