Nope, it is just another bubble. The real economic value of oil, adjusted for inflation, is closer to $40. I don’t think they will rise after the elections. I think they still have a lot further to fall actually. China, India, production, etc doesn’t matter. If you look at global supply and global demand as a hole, it has been virtually unchanged since 2002, yet the price tripled. So China and India’s gains were someone else’s loss. Demand is a zero sum game. There have certainly been short term supply shocks, but the price of oil has never recovered since Hurricane Katrina aside from a few months during the 2008 financial crisis.
20% increase in the amount of oil produced/consumed daily, not to mention 400 billion barrels consumed between now and then.
New oil replacements to maintain that growing production are not cheap like back then.