This is a purely speculative bubble.
Expect that when it breaks, a whole hell of a lot of industry insiders will quietly become even more obsenely rich than they are already.
In the meanwhile, of course, the neo-cons and their idiotic toadies will demand that we drill ANWR, as those that alone would change the market dynamics.
While leftwingnuts try to pin world oil prices on the President and demand he "do something." and sling around stupid labels like "neo-cons."
As if anything he can do will change the market dynamics.