every week or so, I read a story about researchers finding enough oil, gas or lithium to provide energy for the next eleventy-gabillion years but the Saudi Arabians still drive solid gold race cars and gas is about $4/ gallon
At $70/bbl today, the price of oil is actually pretty low compared to historical prices, due to the devaluation of the dollar.
There is plenty of oil to be used. It’s just expensive to get it.
What is happening is cheap oil is running low.