[CowboyJay]

"Yes, but who’d’ve thought that “Peak Oil” would be brought about by prohibiting oil development? If our masters decide to permit us oil, they will find no lack."

There's no lack of oil. But there is not enough economically recoverable oil to maintain the kind of growth in world supply it would take to keep up with demand. The low hanging fruit is gone. What's left out there requires increasingly more investment and costs more per barrel in both capital and energy investment to bring up out of the ground. Production cost per barrel has quadrupled in the last 12 years.

I'm all for domestic drilling, but I think an increasing amount of it will just end up making its way out of the country to meet demand in emerging markets.

[thackney]

there is not enough economically recoverable oil to maintain the kind of growth in world supply it would take to keep up with demand

I don't agree, certainly not for the next several decades. As the demand puts price pressure on the commodity, it becomes more economical to reach the more difficult sources. At the same time, the price pressure slows the demand growth.

The increased prices funds more technology for items like horizontal steerable drilling and make more sources economical to produces.

[dangus]

I’ll give you this much: There’s something to be said for not depleting a appreciating resource. All those trillions of untapped gallons of oil under our soil represents future wealth, if we ever do use it.