The world is running out of oil?

From FT.com

The Arctic holds as much as 90bn barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first governmental assessment of the region’s resources.

The report is likely to add impetus to the race among polar nations, such as Russia, the US, Denmark, Norway and Canada, for control of the region.

The US Geological Survey believes the Arctic holds 13 per cent of the world’s undiscovered oil, while 1,669,000bn cubic feet of natural gas is equivalent to 30 per cent of the world’s undiscovered gas reserves.

With large findings in the Caspian Sea, Brazil, and all the untapped reserves in the U.S.-- and now the Artic--somebody needs to challenge me on my theory that the world is not running out of oil; At least not anytime soon.

Here is another news link for this story