One reason that I have always been skeptical about those who say that Peak Oil will occur soon is this-- if that is true, surely the oil companies themselves would know about that, and if they know that the supply is so scarce, why hasn't the price already gone up? Oil is extremely cheap right now for a resource that's about to diminish in output dramatically in the near future. I just don't understand from an economic perspective why if the suppliers believe oil were so scarce that it would remain so cheap.