IMHO, All the talk about an oil shortage is nothing but a big scam. Oil companies can cut back on production, say there is a shortage, and charge more for their product. Not that they would ever do that. :0)
The only oil producers who cut back on production is OPEC.
Because we limit the areas that can be explored for oil, we give OPEC more power to control the market.
That is the basic tactic of all cartels.
It is why diamonds are so expensive. Contrary to popular belief they are not rare. But their market availability is restricted with cartels buying over 90% of world production and placing the majority of what they buy in vaults.
That is also why terrorists are able to use diamonds to finance their violence. The inflated value makes it easy to pay for weapons as long as you can control even a relatively poor source of diamonds. (see Sierra Leone)