Yes, I agree, the supplies are there. Can they get it out of the ground at multiple millions of barrels a day?
Don’t think so! So in the larger picture it’s a dead donkey.
“As we all know but are sometimes reluctant to contemplate, oil is a finite, non-renewable resource.”
-ice methane under the sea
-the vast oil sand reserves in Canada
-The estimated 400 billion to 500 billion barrels in the Baake formation and Williton formation in the north midwest and southern Candada
-Oil Shale
-The heavy tar in Venezuela that exceeds Saudi reserves
-The estimated 45 billion barrels found in the Gulf of Mexico
And, I’m sure there is a lot more than that.