Of course it does. Lib and enviro-tard insiders admitted years ago that we weren't running out of oil, quietly of course. That's where the global warming (followed by climate change) came from.
I think you're right.
As prices increase, there is also an increase in newly economic sources of oil. Of course, the idea that oil is a renewable resource is also not a new one. I first read that maybe a decade ago and I am NOT a geologist, just a reading addict.