Demand probably isn't particularly high, thanks to the "recession". Also, prices are determined by how much profit companies think they can get out of a gallon of gas with consideration for the circumstances of the moment but not determined by them. Bad press is bad for business, so the oil dogs are trying to maintain a low profile at the moment.
I'm gonna get a little conspiracy theorist here, but I wonder if the big price jack up to 150.00 a barrel a couple years back wasn't just a "test" to see how exactly the world would react to really expensive oil, being that peak oil is nearly upon us.
The results from only 1 summer of high prices? A gigantic financial collapse and a depression that isn't called a depression. Is it just coincidence? maybe not...a house of cards falls all too easy, after all.