I had a guy from Florida tell me that the oil wells just fill up again after you empty them, so the whole oil shortage is a scam.
I mean, they do, for a while anyway... but it's like that last little bit of a milkshake that you never quite get through a straw. There's no new oil - it's just the stuff that is just now making it into the well. He thought you just waited a handful of years and you'd have another gusher.
There is a shortage of cheap oil.
Time was you could find it bubbling up on the surface. Then you had to dig for it. Then you had to frack. Then oil was expensive enough to justify going back to the old oilfields and pumping water down some of them to push it into the others.
Sure, there's oil there, but it's harder and harder to get. That's why protected areas that still have easy oil are a target for the oil companies.