I was informed by a journalist, take from it it what you will, who did a story on the oil industry. He said that there is a correlation between the price of oil and it's bearing on the long term projections of how much recoverable oil there is for future consumption. We may or may not have past peak oil, OPEC will never say officially. If we have, it will become increasingly harder to recover oil from harder to get at places, hence the push for floating drilling platforms, drilling deep sea and the on going exploration in the artic, or so they say. A high oil price helps fund these extremely expensive, risky, cutting edge technology endeavours, but If the price of oil remains low the incentive to explore for oil in these hard to get at places lowers the return on investment.
Even though demand may be lower during a ressession, the above example may be one contributing factor to a sustained higher price.
The irony is that we will never run out of oil, by the time we transition to a full Hydrogen, Fusion, Renewables based energy economy the cost of getting at it will by then be prohibitively expensive.