The Myth of an Oil Shortage

Kiplinger reports:

* Oil prices above $75 a barrel jump-started burgeoning markets for biofuels made without any petroleum and new supplies of oil made from unconventional sources like shale oil in the U.S. and tar sands in Canada. Worldwide oil production will likely rise 10% by 2018 to nearly 97 million barrels daily, though oil will be pricey. Even as older wells in the U.S., Europe and elsewhere fade, new technologies will open production from huge reserves off Brazil's coast, which may hold 50 billion barrels of oil. And there are other finds.

"The peak oil alarmists fail to say anything about the vast amounts of oil being found in the Gulf of Mexico now, or the major deal that Chevron just did in oil rich Angola," says John Kilduff, a senior vice president with MFGlobal, a commodities trading firm.

For more on the oil supply.