Is there really an oil shortage or do companies just need to drill more?

Like that piece of land up in Northern Alaska and the entire Arctic is made up of methane gas and natural gas, so why not drill? In NWT, less than fifty thousand people live there, it's not a big deal unless you like hanging out in Yellowknife.Is there really an oil shortage or do companies just need to drill more?
No, there isn't. As oil becomes more expensive, more reservoirs that are economically unattractive become profitable. Ex - the Williston Basin in ND. Also, there is more impetus for discovering new reserves.


It's all a question of economics.





Also, alternative sources of energy come into play at that point - geothermal, eolian, waves and tide energy.





I believe that we need to take advantage of this lull in energy prices to develop these sources of energy.Is there really an oil shortage or do companies just need to drill more?
There is estimated to be only about 40 years left of oil for the world