Well, he should be.
This is just embarrassing all around. I will say this, if the theory is that having Barack Obama as president is in itself worthy of a Nobel Peace Prize (a ridiculous proposition, in my opinion, but just for the sake of argument...) then shouldn't the award go to the people who put him in office? They're the ones who actually did something.
P.S. One theory: maybe the European intelligentsia thinks that this was a clever way of tying his hands. "I can't take any action against Iran now, I won the Nobel Peace Prize!" Methinks that Barack Obama wouldn't actually think that. He won the prize, now on to other things. You feed the ego...
P.P.S. Over at "Southern Beale's" (originality-free since 2003), the author seems to think that Republicans are just mad that more Democrats (four) have won the award than Republicans (one). Yes, that's the beef: after all, everyone knows how much Republicans crave the approval of the Nobel Peace Prize Committee. They're just jealous!