OK, a few technicalities. The Cushing index closed at 100.01. This is based around the Cushing, OK oil terminal and is based in a large part on a typical trader chicken little reaction to the refinerery fire in Texas.
The other reasons are varied and many based on the whims of the traders. Venezula, OPEC, whatever.
Prayyour next President undoes whatever Cheney did at his "secret" energy talks in early 2001 that started us on this uphill battle.
The best thing that could happen is retract the Bush admin policy that allows the current trading rules. In other words, restrict buying of oil futures to those who can and will actually take possesion of that barrell of oil they just bought.
Worst case, expect record gas prices. Track the wholesale prices of gasoline (RBOB) futures and watch those, they will affect you faster and worse than oil. Today, gas futures closed at a record 2.60 per gallon. That's wholesale, folks..add 40-60-70 cents per gallon depending on your state/locality taxes..