Is the world really running out of oil?

The press, and especially those in the Western hemisphere, seems obsessed with the idea of the world quickly running out of oil supplies. This is not a new phenomenon. For some time now, there have been no dearth of pundits clamoring and arguing that world oil supplies are coming to an end and that the peak oil has already been reached.

However, it may not be utterly ridiculous to point out that things are often highlighted out of context. Emphasis is laid on aspects that are often said with a perspective. There seems to be a different ax to grind.

Hence, on a Monday morning earlier this month, while at Schiphol on the way to North America, a story in the influential British daily newspaper, The Independent, caught attention with its catchy headline