The important question:
How much of this drilling is exploratory? How much is being done in new fields? How much in old areas? How much is just new drilling in old rigs?
Of course drilling is going to increase as the price goes up. It'll drop off again as soon as our Congress nails the oil companies with some profit penalty. But are we finding new oil reserves?
A bit of perspective here.
Note that there were reasons beyond the oil prices for increased drilling, as well as the later fall-off.