No way oil goes back to $147. No way. You have to understand economics to get that.
I DO understand economics. If the supply / demand situation gets back to where it was a few months ago, oil will go right back up. Period. The speculators will move right back in. Allegedly terrified or not, the Saudis let it happen last time and they will again. Alternative energy strategies (including drilling everywhere we can dig a hole) are years away from fruition. High dollar for a barrel is now. They just can't resist.
I'm not saying it WILL happen; I can't predict the future. But it sure as hell CAN happen.