Yes, but that doesn't mean it's wrong. Just because we discovered vast amounts of oil before doesn't mean we'll find vast amounts of oil now.
Keep in mind how we found that oil. After the oil shock of the 70's, US oil companies went world wide in their search for oil that was not controlled by OPEC. They found it. However, now that that oil is already in the pipeline, where are they going to go next?
The only place that has not yet been explored is Antartica. From what I've read, it would take about $80 a barrel to justify that, if you could accomplish it at all from a political standpoint.
I see many who fit into the above category, including a lot of big-mouthed liberals who drone on and on about how wasteful America, but don't like applying their ideas to their own lives.