The stupidity that followed oil futures the last two years is gone. People aren't buying the "a tropical storm caused a drill to be shut down for six hours and some rebels in a third world country sabotaged a pipeline that was providing 0.001% of the world's oil" hype. OPEC doesn't have a ton of power in the big picture as more African and South American countries provide a significant amount of the world's oil supply.

You also will begin to see an increase in alternatives now that development is in full swing. While we still need it, another spike in oil prices will only hasten the R&D to bring these technologies to the consumer.