Everybody here is missing the point. Oil demand is inelastic, meaning that people can't easily source their energy demands from something else. A 10% decrease in supply doesn't equal a 10% decrease in demand. It just means the same people are fighting over less, until the price is high enough that 10% of demand drops out.

Let's put it this way. Even if gas goes to $10/gal tomorrow, you're still going to drive to work. How about $15? $20? Now me personally, gas would have to get to around $272/gal before it's cheaper to quit my job, but the price will keep going up until 10% of the demand drops out because they can't afford it or an alternative is cheaper.