Yeah. Oil prices go up for a while because of new demand, people figure out new techniques and start putting into production more wells, so oil prices go down and keep going down until some of the wells aren't profitable at the new prices, so they stop producing and the prices start going up, then the well and oil rights owners start producing more again and the prices goes back down again, and so on and so forth.
It's all just basic supply and demand curves, tied into a little technology and some lag times for changes. The only people who should be surprised are those folks who bought into the whole peak oil thing, somehow believing that we were magically going to run out of something that currently has more proven sources than are remotely economically workable at current prices/technological levels, but that can provide enough petroleum products to last the world for thousands of years... and more are discovered/proven every day when people bother to look for them.