Wishful thinking. Most of the oil that has ever been found is still in the ground. It requires more money to get out of the ground, and oil prices traditionally have not supported the additional investment.
Our prices aren't caused by an actual lack of existing oil, they are caused by man made restrictions in supply. We have declared huge oil-producing swaths of land off limits for drilling. We have elminated refinery construction as demand increases. And we have shut the door to alternative forms of energy such as nuclear.
If reason and common sense could ever sneak past congress without being killed and eaten, the price of energy would be much, much lower and much more stable.
As it is, our current energy policy is essentially a KGB designed plot to destroy us, enacted and crafted by people too stupid to understand what they are doing, still serving a long-dead master.
What part of my statement was wishful thinking ? Nothing you said alters the fact that current production is slowing while demand continues to rise. I agree that there is a whole bunch of oil in the ground that won't be produced until prices rise and I agree that limiting areas we could explore has hurt our current situation as well. This does not change the fact that production is peaking. We will NEVER run out of oil but the days of cheap oil are coming to an end.