But there is no oil bubble.
China is a huge industrial power. That will not change. So forget about cheap oil until some bright boy figures out a cheap way to get oil from coal or shale.
We already know how to get oil from coal and from what I've read it's economical somewhere in the $50/barrel range. No energy company is currently making the investment to build these plants, which should tell you something about where they think prices will head.
Go here or search on coal gassification or liquification to get info on it.