OSH Chart, page-6

lots of news in teh last fortnight about over 2 times the amount of oild being discovered as being currently used worldwide.

Interesting statistic but it doesn't say where there oil is and how close to infrastructure and recovery costs .

There is lost of oil that is in environmentally sensitive areas like Alaska or simply geographically isolated.

I see in Africa they have announced a massive heated pipeline to try and pick up several orphan isolated discoveries and get them to a refinery but it all adds to cost and political issues in regards to borders that the pipeline crosses.

Oil shortage - no but there isn't as much out there as might firsts appear and storage and national security politics close in very fast in crisis times as energy is a need to keep countries, society and industry running. Newer countries coming from 3rd to 2nd world and then 2nd to 1st may have the opportunity to avoid some parts of oil reliance ( leapfrog to solar and hydrogen etc) especially if they are not oil rich nations but at current pricing it is a simple cheap liquid fuel.