There has been a lot of talk written about the impending Oil shortage. This talk has been going on since the 1890's(over 100 years ago) before the rotary tool bit was developed that allowed deeper drilling. This was before oil was found in the middle east etc.
For some other views on the coming oil shortage read:
http://www.ncpa.org/pub/bg/bg159/
The worlds oil resource is finite but there is still a lot to be discovered. This current crisis goes back to the late 1990's when oil prices dropped to $10-15/bbl. Exploration activity dropped off and companies cut back exploration. As it takes 4-6 years from a major offshore to go from discovery to production it is reasonable to assume a lot of offshore production(Angola, Nigeria, Brazil, US Gulf, etc) will come online and oil prices will fall.
HDR
hardman resources limited
