So sayeth Secretary Chu (who now seems fully briefed on what his job actually entails):

WASHINGTON (Reuters) — U.S. Energy Secretary Steven Chu said on Monday that the jump in crude oil prices reflects an improving economy that will lead to higher petroleum demand, but warned additional oil cost hikes would slow the recovery.
“My guess is that the recent increases (in oil costs) are reflecting more signs that the economy is stabilizing and will increase in perhaps a year or so,” said Chu, speaking at the Reuters Global Energy Summit in Washington. “The higher it goes in general . . . it will impede the recovery.”
The jump in crude oil prices, which account for more than half the cost of making gasoline, does not reflect current lower petroleum demand and high fuel inventories, according to Chu.
“There’s one thing for sure. It is not supply and demand currently. It is future. It’s all based on future prospects . . . of what might happen,” Chu said.
Chu said if crude oil prices climb higher OPEC would need to boost its oil production to help stabilize prices and prevent the economy from faltering.

Or, to put it another way: There’s no chance of the Obama Energy Tax passing if oil prices keep going up.