Not that their opinion is worth any more than mine, but an economist writing for Time magazine wrote a fairly lengthy article on why oil would eventually stabilize around $100/bbl. I think that's a bit of a high estimate because I think the dollar will rebound with the new President no matter who wins the election, but there are some pretty smart people thinking that oil will stabilize at the price equivalent of $100 in today's dollars.
A big part of the issue is that the world knows that once the US gets rolling in one direction, we can be both pigheaded and very effective. So oil producing nations are terrified that if the US really makes progress towards alternative energy and reducing dependence on foreign oil, there could be a sudden and drastic decrease in oil prices (against the dollar), which could spell economic disaster for some countries. OPEC has already cut production in response to perceived lower demand and actual lower prices, in an effort to keep the bottom from dropping out of the oil markets. I expect them to continue to cut production at least as fast as the US decreases foreign oil demand through alternative energy, lower market demand (people driving less), and conservation efforts. A slowing US economy also drops industrial energy demands, and any global warming effects that decrease winter heating costs will also directly affect oil demand.
Expect to see more moves from Russia on energy prices as well, with their allies getting cheaper oil and natural gas, and efforts to work with OPEC to keep energy prices high for everyone else. Russia's energy exports are both a source of income and an tool to be used to influence world events, so they have no reason to not use it as an instrument of national power.
