FACTBOX-Why are U.S. gasoline prices so high?

May 2 (Reuters) - U.S. gasoline pump prices hit a record average of $3.60 a gallon this week as big U.S. oil companies such as Exxon Mobil Corp (XOM.N) logged multibillion profits, angering U.S. politicians and consumers.

Here are some questions and answers on why gasoline prices are so high, and what U.S. lawmakers want to do about it.

WHY ARE U.S. GASOLINE PRICES SO HIGH?

Crude oil prices -- which account for over half the cost of gasoline at the pump -- hit records near $120 a barrel this week, five times higher than they were in 2002 amid surging demand from China and other developing nations. Some of the increase in crude prices has been passed down to consumers at the pumps, but not all, meaning that fuel refiners and marketers are feeling the pinch. Refining companies like Valero Energy Corp (VLO.N) have responded by deliberately curtailing gasoline production until the price of gasoline rises relative to crude. U.S. refinery utilization is currently about 85 percent - levels not seen since October 2005 after hurricanes Katrina and Rita shut down Gulf Coast refineries.

HOW ARE U.S. CONSUMERS REACTING?

U.S. drivers this summer are expected to cut their gasoline use for the first time since 1991 due to high prices, and the Petroleum Marketers Association of America recently said fuel theft is on the rise. Also, hundreds of truck drivers drove their big rigs around the U.S. Capitol on Monday to protest diesel fuel prices, which currently average a record $4.38 a gallon.

WHAT ARE U.S. POLITICIANS DOING ABOUT IT?

Some Democratic lawmakers want to slap a new tax on oil company profits, while two presidential candidates -- Republican Sen. John McCain and Democratic Sen. Hillary Clinton -- want to temporarily suspend an 18.4 cent per gallon federal gasoline tax through the summer. Waiving the gasoline tax would save the average family about $30 over the summer. Republicans in Congress have advanced a production-centered plan that includes opening an Alaska wildlife refuge to drilling and allowing coastal states to decide whether they want to allow drilling in their waters.

WHAT DO THE OIL COMPANIES SAY?

Oil companies say high energy prices are not their fault, and instead point the finger at soaring crude oil markets. Oil companies like Exxon have consistently opposed higher taxes on their profits, warning that such an effort will harm their ability to compete abroad with giant state-owned oil companies for shrinking energy resources. Oil companies say they are already saddled with some of the highest tax burdens - Exxon's effective tax rate is about 49 percent of its revenues. Viewed in terms of profits per dollar of revenue, the oil industry is in line with other industrial sectors, and actually lags other sectors like pharmaceuticals, according to the American Petroleum Institute. (Reporting by Chris Baltimore; editing by Jim Marshall)