Another take on it is that they're not going to produce as much more as had been hoped... reinforcing the idea that it's going ot get harder and harder to increase production. There are also troubles in some of the other big oil-producing countries... and of course, since Saudi Arabia is making 1.3 billion dollars each day in profits, they may be slightly less than eager to increase supply.
Alas, America's not the big deal it used to be since even if we lowered demand, China etc. are demanding more and more as they develop.
These are interesting times. Personally, I do wish it didn't get cold here in the winter... I can do without gasoline for the most part.