Price of oil touches US$80/bbl for the first time in a year. Would this result in another wave of renewable energy technology development?

Almost a year ago, with the oil prices free falling, I would tell anyone who listened that the drop in oil prices is short-term.  The $140/bbl price in July 2008 was probably too high, but not by too much.  A weakening economy should and did result in a decrease in oil consumption, but not by enough to bring the prices down to $40/bbl.  I believe it isn't too far-fetched for the oil prices to climb over $100/bbl in the next few months, and back to July 2008 levels by 2011.

The upside to this massive increase in energy prices is the resulting investment and research in the renewable energy sector.  The 2007-2008 increases in energy prices forced many companies to look seriously at biodiesel, and specifically second generation biodiesel crops like Jatropha.  The same period also saw significant development in algae biodiesel technology, solar panels and a host of other renewable energy technologies.  With a green-friendly U.S. administration now, the next period of high prices should finally take us to a point where we are no longer dependent on fossil fuel.  

That is, of course, also dependent on how much natural gas reserves remain in the U.S.