Not at all. It simply means that the supplies will be short and the value of the World Standard currency the U.S. Dollar is dropping like a rock. Demand has shifted to China, India and Pakistan which will also drive prices up here.
They will eventually drop the Dollar as the universal currency that the World bases Oil & Commodity prices on. There is already serious talk about this happening as soon as this year.
God help us if this happens. The price for the same commodities here in the U.S. would triple almost immediately, because we would be forced to buy the new currency with worthless Dollars first, before we could buy Oil or Commodities.
Simply printing more money to pay the debt will also no longer work. Geithner is playing Russian Roulette with 5 loaded chambers and only one empty!
Whenever the dollar drops, OPEC talks about dropping the dollar as the currency of payment. If they did not do so when the dollar was in worse shape than it is today, they are not going to drop the dollar now.
The Saudis control OPEC and the Saudis are not going to make a move that would devastate the US economy.