As of this writing, a barrel of Texas Light Sweet crude would cost you $123.64, according to Bloomberg. This is down from the oil bull market price of $140 or so per barrel. Interestingly, this also the price that makes switchgrass ethanol (gasoline from tall prairie grass, corn husks, and so on) economical.
Prices go up, prices go down.
The only real concern regarding energy prices is that they support crummy states like Saudi Arabia, Iran, Venezuela, and Russia. The less market-oriented countries need to import oil, the less oil-rich countries can avoid market discipline by selling what they fond under their feet.
As the auto production market adjusts to high prices, the long-term shift away from oil begins. Concepts like Ethanol Hybrid Electrics and other mindbending combinations approach the market, making peak oil a mute, meaningless and irrelevent concept.