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The OPEC and the Sisters have all the interest to create rumors around oil, besides speculation and real reserves it is sad that we haven't found a true ecological alternative to oil (we probably found it but keep it in a freeze state). I realize I am saying nothing new I'm just seek of paying 130 USD/week for a full thank of polluted Diesel.
We still have no clue how much oil Iraq and Iran really have, there are numerous fields untouched in these 2 countries. In fact, they have the biggest 'unknown' reserve of non-started drilled oil at this moment. Iraq has more known oil than all other other arab countries together. Iran's oil fields are even bigger than Iraq's.
I will never see in my life a real shortage of oil, my kids neither, and their kids neither. It's all a way to drive up price.
And BTW: there is an Audi engine that uses 1Liter (0.26usGallon) for driving 100km (60stat. Miles) They have that engine since more than 5 years and they fitted it in a A4 without problems with same performance. I'm talking about real world usage, not lab wicked car usage.
It's just impossible for the economy to start using such engines, imagine the gov getting 5 or 10 times less taxes income on oil. That's the real problem. The rest is all bullocks.
I'm making money for living on oil by going in the market for like 5 to 15 seconds per trade. I'm not providing any liquidity to the market, I'm just sneaking up on others back and taking money out of a market without contributing anything. I get so horny from that freaking idea, you can't believe it.