Prices have been high for that long, but nobody in the industry seemed to believe they were permanent. My company was even dropping rigs in 2002.
For reasons, unknown to me, perhaps psychological, nobody was willing to invest in an effort to chase these high prices until the end of major combat operations in Iraq. Instantly, pent up demand was unleashed. There are now rig shortages in every region.
I think it's going to take some time to gear up again, and if history is any guide, the industry will be building rigs as oil prices decline, and they'll wonder why they goofed once again.
That's fine with me, my customers hate one or the other.