You know why you are only paying 3 bucks at the pumps? BECAUSE oil companies make huge profits.
Do you know how much it is to drill an exploration well?
Do you know how much it costs to bring a well online? Design, build, test, install and huge platform, subsea infrastructure and pipelines??
Where do you think those Huge profits go? Because it's not into some big fat dudes pocket! It all get's reinvested in new production, new technologies (mostly renewables and alternatives - oil companies invest more in renewables research then any government ever would - they're too busy bailing out banks).
So anyway - to take a hit like this money wise is a huge deal.... the knock on effect will be felt at the pumps too, and the more people jump on the hate oil hype train without understanding the true economics of it, the worse it will be.