Damn Tree huggers and oil prices

The OP neglects one of the most important facts. There is a lot of oil it is significantly more expensive to extract. Saudi Arabia can pump oil for between $5 and $10 a barrel for their cost to get it out of the ground. That oil under the rockies is in shale and is not cheap to extract. The only way we begin extracting it is if the cost of crude oil increases significantly to make it cost effective. We aren't running out of oil we are running out of cheap oil. There is a difference.