I say from Democrats under pressure.
While I think there is plenty of oil longterm, in the short term there is still very likely to be squeeze because India and China are going full bore and using tons and tons more energy. Think of it..they are hitting our 1950s with more people getting "stuff" and cars....but the difference is that is a pool of 1.8 billion people. That is one helluva uptick in energy uses for as far as the eye can see.
Some forget about India, but that place is exploding too. So in the near term I would expect the squeeze...plus the economy has actually taken this hit far better than many thought......after all its not even close to the all time high (inflation adjusted). I think it might tack between low forties and mid fifties for several years...hitting 60 on scares.
I bet if you took the gas tax out of the equation, the current price would be in line with milk/movie/car/food increases in cost. Just a guess though.