Only acutely. It is relatively easy to add additional refining capacity to existing refining plants, and this will affect only prices in the USA. The fact remains that world-wide prices for petroleum is at an all-time high, and there are many who believe that it will easily hit triple-digits for each barrel crude in the coming years.
Each year, the per day demand for petroleum grows by roughly 2 mil. bbl. It was around 82 mil. bbl per day last year, and it's 84 this year. Extrapolating this trend, it will hit 86 next year. Of course, high prices may put a crimp on this demand, but it's hard to say. Daily oil production from existing pumps are expected to decrease by approximately by roughly 4 mil. bbl (diminishing returns from existing extraction facilitie). Which means that each year, the world daily oil production must increase by about 6 mil bbl (which is a lot!), either through opening more wells, more fields, improving existing extraction technology, etc. Personally, I don't think that world can continue like this.
I think that the US should've been jacking up the gasoline tax long before this. Of course it would be political suicide in a country like the US, but it would've brought about the same market forces that the current price surge is bringing about. Except that artifically inflated prices through taxes would be controllable, while a price surge due to global market conditions would not be. If we had made preparations earlier by jacking up gas taxes and forcing the market to look elsewhere, we would not be in nearly as bad of a position when the global market starts to raise prices (it'd be like a vaccination of sorts)... and think of what that tax revenue would've done for our debt, too.