Oil may take a while to ramp up, as inventories are currently quite high. I believe we will see prices spike again sooner than we'd like, and sooner than we'd expect. This is because depletion is eating at supply anyway, and current low prices will - in some places and some industries - ramp up demand.
The other aspect, and this is logical, is the current price of oil doesn't actually reflect the cost of extraction. Saudi require $60-$70 to breakeven. It's not very clever though for suppliers to be selling at sub-cost. Some wheeling and dealing is going on, which may seem like a good thing. Unfortunately, it creates a false perception that fossil-energy is cheap. It's not, which we will discover to our great cost.