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While U.S. policies might play into the cost of oil, I doubt it has an effect that would effectively double oil prices. Are we talking about global prices? How would American policy have that much of an effect?
Much of it is beyond American influence and control. For starters, many believe Saudi Arabian production is dropping. Their primary oil fields are aging and might be costing more to draw from. This in itself would raise prices. Also, demand is skyrocketing in places like India and China. This is something else out of American control.
Saudi Arabia won't be able to fulfill global demand.
The only role America plays with any significance is in consumption.
Extracting oil from the tar sands in Canada is still expensive.
Conservation and alternative sources of energy are a must.
Some of this was already mentioned, but it is worth bringing up again. Stephen Leeb, the author of The Coming Economic Collapse predicted $100/barrel within the decade as early as 2004 in his book The Oil Factor. Even in 2006 with the former book, he spoke of $100/barrel as inevitable even though it hadn't happened yet. In 2004, people called him "the $100/barrel guy" because it was such a sensational claim when oil was only as high as $50.
He speaks of these things I've mentioned.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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