The Black Gold won't ever go up again unless a major breakout of hostilities starts involving oil producers.
The American economy is improving slowly, there will be a new (democrat) President and so things will quiet down.
The Black Gold price is "controlled" by the speculators and only few times had to do with a production cut, or at least it never had the impact it had few months ago. Remember the Russian Gazprom saying few months ago that the price would reach 200$ or more. This guy is one of those "nuts".
Thank God he is not on the floor of a major stock market or perhaps, and I hope, his silly remarks would fall in deaf ears.