Hard to imagine this was written when oil was $10 per barrel:
On the other hand, if you're still operating under the assumption that the earth's petroleum--or at least the cheap stuff--is about to run out, you're not going to thrive in the new oil era. Technology is making it possible to find, produce, and refine oil so efficiently that its supply, at least for practical purposes, is basically unlimited. So oil executives need to be as obsessive about cutting costs as anyone else. "You cannot count on the market to bail you out of bad decisions," Raymond said in a Dec. 2 interview.
Entire article: http://www.businessweek.com/stories/1998-12-13/tremors-from-cheap-oil