The are, undoubtedly, huge amounts of oil, but less and less that's relatively cheap and easy to extract. We're also getting through it quickly.
The International Energy Agency (not an environmental pressure group, but an intergovernmental organisation
About the International Energy Agency (IEA)) believes that known and yet to be discovered reserves will last for another forty years.
And the first report of the UK Industry Task Force on Peak Oil and Energy Security (with a foreword by Lord Oxburgh, former Chairman of Shell) comes to much the same conclusion. It argues that Peak Oil will be reached as early as 2013 beyond that point production declines until it runs out.
Again, the UK Task Force is not made up of tree-huggers, but comprised of companies like Arup, Virgin, Stagecoach, Scottish and Southern Energy.
Food for thought at least