This article does a good job of explaining why we're in trouble. Just a small quote below, the whole article is good though.
http://www.washingtonpost.com/wp-dyn/content/article/2005/08/02/AR2005080201978.html
$this->bbcode_second_pass_quote('', 'A')s the world's thirst for oil increases, government-controlled national oil companies are challenging international firms such as Royal Dutch Shell PLC and Chevron Corp. in the global competition for oil reserves.
National oil companies are increasingly venturing beyond their home country's borders in search of reserves. The governments' motives are varied, but in cases such as China and India, they are seeking more secure oil supplies to meet the needs of their fast-growing economies.

