Not hidden at all - they knew where it was - has just taken this long for the technology, fracking, to mature enough to get it out cost effectively.
The world will see $50/bbl before it ever sees $200/bbl.
The Gold/OIL/USD relationship mentioned above may very well have been true in 1971 - but now the idiots in charge know the cost of relying on ME oil.
And there is no great conspiracy - its just pure political short termism and stupidity that got the west to where its at. And Greenies.
Within a decade the US will be the marginal oil producer in the world again making the Saudis look like Kiwis in the oil stakes - in the meantime oil prices will trend downwards on average. The Israelis just found HUGE oil and NG reserves off their coast too.
Yes the Yanks have dug themselves a BIG financial hole - if they can get Barry out of the way and put in conservative pollies and 'drill baby drill' they can slowly climb back out again. Already corporations that offshored are heading back to the US...because energy is getting cheaper and asians are looking expensive relative to their productivity.
Europe is still a big problem - they're less likely to turn that around.