Is petroleum inexhaustible?

A scientific analysis tells that petroleum in the world will be exhausted in 40 years.

But on 1970's, a scientific analysis told that petroleum in the world will be exhausted in 30 years.
It's already more than 30 years now.

How come?

Because the word "oil deposit" is often misinterpreted.
It only tells the ECONOMICALLY PROFITABLE amount of oil.
As the crude oil prices increase, more petroleum resources repose can be developed.
Thus, the "oil deposit" of the world increases.

The steep rise in crude oil prices we are experiencing is not due to the problems in oil producing countries.
It's because of the investors, general or institutional, who foresee more demands of petroleum buy in futures.
It's clear in everybody's eyes that some rapidly developing nations, such as China or India, are needing plenty of oil.
Hence, oil producing countries earn more without increase in cost of production.
In fact, the oil income of Russia, one of the OPEC member nation, increased from 250 Billion Dollars to 430 Billion Dollars.

And of course, if there's somebody who have surplus, those surpluses are invested in the world.
As you know, this is the "oil dollars".

Perhaps Japan's economy is one of the most prospected and stable economies in the world.
Most probably they contributed some to the rise in Nikkei, which had increased about 15% in 3 months.

But wait.

Please do not misunderstand that it's not "we have unlimited source of petroleum, since oil deposit increases as the crude oil prices increase,"
It's a big NO!
According to another scientific analysis, the amount of oil production forms "bell shape" in the graph.
Which means once the peak is reached, there's no way than to follow the steady decrease of production.
And that peak is estimated from 2003 to 2006.

Ironically, the increase in crude oil prices make us hard to use the oil, and pushes us ahead to shift the source of energy.

I believe this is the biggest contribution of the increase in crude oil prices.