“In 1920, the U.S. Geological Survey estimated that the world contained only 60 billion barrels of recoverable oil. But to date we have produced more than 1,000 billion barrels and currently have more than 1,500 billion barrels in reserve. World petroleum reserves are at an all-time high.” -newsok
For over 150 years, “knowledgeable insiders” have been predicting the end of oil. Over that time period, oil has endured multiple cycles of boom and bust, with high and very high oil prices alternating with low and very low oil prices. High oil prices — if they are sustained over several years without a “price bust” — lead to increased exploration and improved technologies for production.