For at least a hundred years, people have repeatedly warned that the world is running out of oil. In 1920, the US Geological Survey estimated that the world contained only 60 billion barrels of recoverable oil. But to date we have produced more than 1000 billion barrels and currently have more than 1500 billion barrels in reserve. World petroleum reserves are at an all-time high. The world is awash in a glut of oil. Conventional oil resources are currently estimated to be in the neighborhood of ten trillion barrels. The resource base is growing faster than production can deplete it.In addition to conventional oil, the US has huge amounts of unconventional oil resources that remain untouched. The western US alone has 2000 billion barrels of oil in the form of oil shales. At a current consumption rate of 7 billion barrels a year, that’s a 286-year supply.Nine years ago, I predicted that “the age of petroleum has only just begun.” I was right. The Peak Oil theorists, the malthusians, and the environmentalists were all wrong. They have been proven wrong, over and over again, for decades. A tabulation of every failed prediction of resource exhaustion would fill a library.
Short answer: No.
The question we should be asking is why are prices so high when supply is so abundant. And the answer is increasing government involvement through taxes, regulations and subsidies.