If there turns out to be trillions of barrels of oil there do you really expect it not too? Also keep in mind that that the high price not only produces an incentive for oil companies to explore both for new oil and improved technology, it incourages the research into alternative sources. Iceland, for example, will not need any petro at all with in 20 years, everything will run on WATER. They already have some of their public transportation buses powered by good ol H20.
Brandon