Barring some miraculous discovery in Antarctica or somewhere, the vast majority of world oil reserves are in, and have always been in, and always will be in the Middle East:
This is incorrect. There is much confusion about oil reserves. First of all, it is usually calculated as the amount of oil that can be economically extracted at some specified price. As the price goes up, so do reserves as the marginal fields become economically feasible to extract, and old wells become uncapped (like the West Texas fields mentioned).
Secondly, people often focus on "conventional" reserves, forgetting about the Canadian oils sands, for example. See www.growley.com..." target="_blank" class="postlink" rel="nofollow"> www.growley.com...
Venezuala also has significant oil sands deposits, and don't forget that even the US has very large oil shale deposits. See a brief notation of this at Wickopedia at en.wikipedia.org... The US Government has published a document called the "Strategic Significance of America's Oil Shale Resource". My apologies, but I couldn't make the link work, but do a Google search on that title and you can get it.
Bottom line: we're not running out of oil.
