It really is simple, although progressives refuse to see it. Price is a function of supply and demand.
"Supply," as a term may seem to be self explanatory. But in setting price, it includes more than what is available now. It also includes anticipated supply. The market understands that under Barack Obama there will be no drilling for oil, no coal, no nuclear, and probably in a second term no natural gas either.
The high prices we see today reflect that realization.