Johnso,

The reason for $147 was mixed. It ended up being speculators. It started due to low oil output. The proper price for oil that summer was still north of 100.
I am curious, what do you base your belief on in there being "plenty of oil"? Oil production in Mexico, the North Sea, and USA has peaked.
Autocratic countrys oil supplies are basically guesswork/intelligence estimates due to no verification of their actual reserves.(many observers believe the prodution in Saudi Arabia has peaked, or will shortly...if true, this will be a disaster of enormous consequence for the Saudi Royal family and the politics of the region...not to mention how to support a population far too large for their resources)
Once an oil field has been depleted about 50%, it's production starts to drop,plus it takes more energy/cost to extract the remaining oil. If memory serves, the world oil production has decreased since 2007. Most say that it hasn't been above 2007 levels due to the world recession. We shall see.
Anyway...this is a bit of a ramble and the data and reasons for why world oil production will be difficult to increase in the future fills books.
Other than certain companies and govts who have vested financial/political interests in having us continue to believe that there is plenty of oil still to be cheaply had, I know of no authoritive thinkers who see a continuance of cheap oil.
(as an aside...we have already shifted our thinking to 80/bbl as the new norm).
As I said...curious as to your thoughts and info as to why you say plenty of oil.