Right now there’s plenty of cheap oil selling at less than $50 per barrel. However, the demand for that same cheap oil from Asia is growing much faster than we can extract it. Fortunately there is plenty of oil out there but it’s going to cost more and more to find it and to to extract it. There won’t be a shortage of oil just a shortage of cheap oil. The US shale boom won’t last. In a global context it’s small. As for technological advances, they’ll just help you use up the reserves faster.
The recent discoveries west of Shetland put Scotland is a very strong position to take advantage of these high prices when they come and they will according to Oil expert and geological consultant Art Berman today. For more on this see:
Estimates of Scotland’s oil reserves West of Shetland now massively increased to around 8 billion barrels! ‘A super-resource now on the cards.’