I remember the same old story in the 70's. At the height of the scare, I had lunch with a geologist from Shell. He told me it was all BS, there was more oil we didn't know about than oil we did.
Me too. I remember a story in National Geographic on the end of oil. It predicted that we ran out of oil about 10 years ago.
We should just go and take the oil from the Saudis and Kuwaitis/Iraquis as payment for American blood spilled to save their sorry asses. I remember back the mid seventies seeing a picture in (Soldier Of Fortune) of a Green Beret with his boot pinning the neck of a muslim to the ground and saying, "What Price Now OPEC?" Maybe we should make that picture come to life and unleash hell on them. NSNR
An acquaintance of mine says the same thing. He spent 25 years flying to Gulf oil rigs and has talked with many execs and geologists about the subject.