I wonder where this voice of reason regarding supply and demand was 6 years ago? Most of the oil drilling in the US is on private lands. We still need to open up some federal lands and get some of those royalties flowing into the public coffers.
As a side note in the story, yes cars and getting better mileage too. So much so there was some talk of changing the way roads are funded.
Conservation will be a part of what we have to do in the future.