They warn of an oil crunch: an unexpected crash in global production such that supply can no longer meet demand, even if China and India throttle back.
This isn\’t possible.
There is only the balance of supply and demand \”at a price\”. Supply of oil cannot meet the demand for it at $5 a barrel. That\’s why oil is whatever it is today….$80 a barrel? Something like that.
If lots more people want to use more oil then the price will rise further. If supply is more constrained in the future then the price will rise. Supply and demand will always, when prices are allowed their play in a market system, balance. For prices adjust to make it so.