Mr. Alan Reynolds has written an article outlining significantly more detail about oil prices than I was previously aware of.[1] I knew of course that oil is used for all sorts of things other than gasoline, but I had not really thought about it. It makes sense that the rising cost of oil would have a bigger effect on those using it to actually make something with than on gas, which must have a non-trivial profit margin built in, because it goes up far more readily than it goes down. Perhaps he is right, perhaps this will cause a crunch in the other oil using industries, which will in turn cause the price to drop back down. I am not sure I believe him though.
[1] Reynolds, Alan. "Oil prices: cause and effect" http://www.townhall.com/columnists/alanreynolds/ar20050623.shtml