Yes, there is still oil out there - both reserves that we know of, and sources still to be found. But in the rush to satisfy our ever increasing appetite for oil, we have used up almost all the oil that is easy, and therefore cheap, to obtain. The century long era of low-priced oil, and with it everything upon which our lifestyles depend, is about to end.
Read this article! The End of Cheap Oil - A Must Read | Autonomy & Solidarity