There's a great deal of debate over the real causes of the current spike in oil prices, now over $130/barrel. Most appear to attribute it to the falling dollar (obviously), sharp rise in demand from developing countries, especially China, and current geopolitical tensions and related fears over disruptions in supply. A market that fears a Bush attack on Iran in the next 8 months for instance will price in that fear. On the other hand the election of President Obama will be an event so enormously popular around the world that it's little exageration to speculate that the relaxing of fears and tensions would lead to a sharp drop in oil prices, at least short-term, during the world-wide celebrations and "honeymoon" for the President-elect Obama.