Oil and gas prices aren’t going to rise astronomically in the near future.  That is, unless some unpredictable market force comes into play.  The reason: the fracklog.

Drillers have drilled lots of wells, but they have not turned them all on.  As prices come up, drillers will turn those wells on, and prices will either drop or stabilize.  There is a backlog of wells waiting to be turned on, or as Bloomberg puts it, a fracklog.

This Bloomberg article goes into more detail.