In terms of the Peak Oil theory, the Left has been pushing that as far back as 1973. Jimmy Carter's crowd downsizes the American automobile, while blaming the over taxed American public for the 'energy crisis'. The oil is there for US domestically, but the liberals will not allowing drilling.
Oil continues being discovered in various location around the globe.
No question on the oil issue being used by politicians, especially the left-wing crooks, but, the book I read was written by a geologist. Hubbard's peak, as I recall, was first predicted in the 50s by an oil-field engineer, before the left-wingers decided to use it against the U.S. I don't question there are new oil reserves, but the days of geysers of oil spewing into the air are over. Heavy use of coal and nuclear energy are in our future. Energy trusts are a nice way to ride the wave of higher prices and offset the increase at the pump.