Rogue Offspring

Oil supplies will stay tight for a simple reason. There are only five countries that matter in the world of oil—Saudi Arabia, Iran, Russia, Iraq and Venezuela. In none of these, with the possible exception of Saudi Arabia, are serious efforts and investments being made to expand the supply of oil. Russian production is growing at less than 3 percent a year. Iran is flat, Iraq is in chaos and Venezuelan production has dropped 50 percent since Hugo Chavez took office.

What all these nations need is government that would invest the oil windfalls in expanding production and supply—but that would take 10 to 15 years to bear fruit. And all these dysfunctional regimes are too busy buying off their populations with cheap subsidies.
Newsweek