The Australians get it. The Sydney Morning Herald lays out the economic realities of extracting oil from the new finds. You can expect that from here on out anything we find will be equally costly to extract and produce. This is why we are headed down a difficult path in regards to oil, especially in the transportation segment, which eats up the vast majority of the oil we use.
This article drives home the point that we are in trouble NOW. Not tomorrow or next week or next year or sometime in the next decade. WE. ARE. IN. TROUBLE. NOW! Energy powers the economy and the current conventional wisdom is that oil prices north of $80 will limit the recovery and possibly set us back. Reread the marginal costs identified in the article and the impact on pricing. Consider the implications.
While I have your attention, I note that the price of gas over at the CITGO station was $2.99/gallon last night. We don't lack for supply, but the refiners are shutting in some of their production because the price they are getting for the product is less than the cost to produce it. In a free market economy the smart thing to do is hold back unless you want to take a loss. Most businessmen don't.