Ignoring the whole "get the Feds out" argument for a moment, your grasp of oil economics is loose at best. Most opec producers have a significantly lower cost to produce than US oil companies and can easily sustain themselves on lower prices. Meanwhile, if global demand (i.e. the Chinese economy) is weak, supply will likely outstrip demand. Thus expecting prices to appreciate significantly, especially when Iranian sanctions were recently lifted, would require massive coordination on behalf of opec and cooperation from the western players and other non-open producers.