So this issue is consumption (endogenous) rather than supply (exogenous), that meaning that any effort to affect the price of oil must be directed towards limiting consumption.

This seems to assume that further untapped oil doesn't exist.  

Deep sea Artic oil probably isn't recoverable at $80/barrel.  But $200/barrel (or priced higher in a more stable currency?)

See this whole global warming thing works out well.  

1)Burning oil makes ice melt.

2) Ice melting makes more oil available for burning.

Rinse and repeat.

And if Reagan's EPA director is to be believed when we run out, God comes back.

Why do you environmentalists want to make us all wait forever for God to come back?

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg