The peak of global cheap oil occurred in 1972-3.
Then as now, it is all about supply and demand.
The amount of Oil and Gas in the Earth is finite, and the demand is infinite - - -, do the Math.
BTW, it takes a minimum of 1 Million years to create crude oil. Tick-tock - - - .
“BTW, it takes a minimum of 1 Million (sic) years to create crude oil. Tick-tock” - GW
That is perhaps the biggest crock I have ever read on FR.
Have you ever taken a Chemistry course? Do you know what oil is?
I think the Nazi chemists were making synthetic oil during WWII. If I am not mistaken WWII lasted slightly less than 1 million years.