That is not the opinion of the oil industry, at least in private.
You see these commodity prices going up: Oil is maybe in part the result of poitical circumstances; Wheat and the midwest grains are up but clearly the result of a supply threat resulting from weather; natural gas is up on a clear threat to long term supply--it is as low as it is because of presumed storage; because the reserves in the ground are being rapidly depleated and there is no sign of drilling to restore the situation. Issue is are in we a deflation or do the increasing commodity prices reflect inflation.
The inflation deflation issue is a monetary issue--how much money is out there and how fast is it moving as a determinant of price levels (MV=PT). These commodity prices all seem to me to reflect structural supply demand factors and not the money.
There is lots of oil out there--a pipeline from the Caspian Sea would in fact lower energy costs in the US. However an effective cartel and political limitations and war risk are clearly factors holding the price up. However in the best of worlds where the US is able to capture Iraq production intact, either as a result of an abdication or as a result of a favorable war outcome which I view as suspect, it is difficult to see a material impact on prices.
If anything, I think the current market already assumes the most favorable conflict result and there is unpriced risk in the actual situation.