Remember “peak oil”? It's had many iterations over the years. I remember sitting in a café just four years ago, while the executive of a small oil exploration firm explained to me that all the easy-to-reach oil was gone. What was needed, he explained, was for intrepid companies like his to go out and find the tricky stuff hidden in under-explored basins. This would be more expensive but prices were high. What else could the world do?