Some libertarians and capitalists have bought into peak oil theory, it isn’t just socialists.
It looks like a good theory if you stare narrowly at mexico, or maybe saudi arabia, but falls apart when you look more broadly.
I don’t buy into peak oil theory at all, though mexico is an an interesting localized question.
Natural gas however is a very different story. Supplies really aren’t increasing much at all, despite big investments to try to make it happen. A lot of infrastructure being build to ship existing supply, but not much new supply. Big problem for those that depend too heavily on natural gas to make electricity.
I think we’ll see more gas on the market because more of it is being captured and brought to market. The battle is over the big off-shore unloading facilities for LNG ships along the US coast.