It seems every week there is another story about the world running out of oil. President Obama keeps talking about how little there is. This graph shows how the reserves of proven oil keep growing and growing with time.
The likelihood is that there are centuries worth of oil available for use in providing food, shelter, clothing, transportation, medicine and all the other conveniences and necessities of modern civilization.
Obama is wrong, we are sitting on a GLUT of oil, from Canadian tar sands to Bakken shale to green river deposits to coastal deposits to ... the list goes on. What is lacking is permission from our government to develop them.