The suggestion that Saudis are content to sit on the flow of revenue at present (and thus have little incentive to invest in production expanding equipment and facilities) is a bit weak. In the short run there is little alternative to oil for personal transportation and a host of other uses. But as the price increases with demand, the Saudis would plausibly have an incentive to get revenues now (or in the next few decades) rather than chase them in a market say 20 years from now when what are now experimental technologies (e.g. hydrogen powered autos) are able to take a huge bite out of demand.
We’ve got to drill on our coastlines and on Alaska’s North Slope. That’s the only thing that can keep us going until other technologies get better established.
The dirty secret is that Middle East oil producing nations are producing nearly all that they can (even Iran). See the bottom of the excerpted article posted above, or better yet, have a look at the relevant statistics on the Dept. of Energy website.