Well, either we have reached or are reaching peak oil – a theory that says there is a very limited amount of oil in the world and when we reach a certain turning point where demand exceeds supply the world will collapse economically – or we have enough oil to last hundreds of years:
Debating peak oil vs. deep oil perspectives, Smith went head-to-head with Matthew Simmons, author of “Twilight in the Desert” on the cable news outlet’s program. Smith, CEO of Swiss America Trading Company, contends that oil is not a fossil fuel. Rather, he believes it is being producing deep within the earth and is brought to attainable depths by centrifugal forces of the earth’s rotation. In contrast, Simmons argues that oil is a finite resource and that Saudi Arabian oil supplies are dwindling, putting the world in a possible economic and political crisis.
Not exactly in my sphere of knowledge, but the discussion is always an interesting one.