Just had to say it. The recent discovery in Brazil below the salt layer proves it.
Nobody ever looked beneath the salt layer because they thought oil came from compressed dead organic matter. It's equivalent to the belief that maggots erupt spontaneously from spoiled meat. That's Dark Age medieval superstition.
Irregardless of supply, it's not "peak oil" (we've never endorsed this popular hoax) we have ever taken seriously at Vault-Co. It's India, China and the rest of the world's PEAK DEMAND. If they discovered three times as much oil reserve as we currently have right underneath the White House, there is still going to be a World War over resources. You heard it here first. Amongst other reasons, the vast delay in bringing these fields to productivity mandates fighting over whatever is pumping right now.
Yes, whereas it is true that if the United States suddenly became sane and announced drilling would become legal off the coast of Florida and California in addition to a massive program of development for nuclear energy, it would change everything. We all know that will never happen. Sick, declining societies don't implement solutions. They have lost the ability to even identify their problems, much less the ways to solve them.
It's not running out of oil I'm worried about. It's running out of breathing human beings from warfare that concerns me.