Decreasing supply is not the only reason crude oil prices continue to rise, their is also a growing distaste for oil, due to it's undeniable environmental effects. Though recent technologies have attempted to make the energy source cleaner, oil still can have catastrophic effects on the environment, especially when accidents happen, like the B.P. Oil spill, in the Gulf. Never the less, oil remains the best everyday energy source we have.
This is a list of countries who have proven oil reserves of over 100,000 MMbbl.
*United Arab Immigrants
Many countries, that do not have a large natural crude oil inventory, have begun to stockpile it. A prime example of this is the United States, though the USA, has significant natural reserves it also has a strategic reserve, of 4.4 million barrels a day. This helps cushion the U.S. markets, from any sudden changes. The country also holds over 700 million barrels for military use. Energy reserves for many countries the United States in particularly, have always been of great concern for their military'.
Though most countries oil reserves are on the decline, the United States and Canada may soon become the exceptions, as they become more and more efficient at harvesting oil from shale. Canada along with the United States, have developed a new way of extracting oil from Shale, called fracking. It is estimated that the United states, could replace Russia as the largest producer of Natural gas in as little as two years, and if fracking is as productive as they hope, they may be able to out-produce the entire Arab region's oil production as soon as 2016. Other countries suspected of having large deposits of shale, are China and Argentina. Never the less, outside of the USA and Canada, fracking is still in it's infancy. Despite fracking, I believe oil and fossil-fuels in general are on a slow decline.
The decline, and eventual end to the oil age, will not happen with a bang, but with a whimper. It's gradual decline, will happen because of simple economics. As supply becomes lower and lower, crude oil prices will increase. Ever increasing oil prices, will eventually hit an apex, after which the cost of producing, refining, and distributing oil products will be higher than alternative sources of energy. You can already see the beginnings of this today. The increasing multitude of hybrid and electric vehicles, are a direct result of gasoline prices, and to a much lesser extent environmental effects. Though gasoline is still competitive, as these new technologies become more advanced, coupled with the fact oil supplies are dwindling you will see less and less gasoline powered automobiles on the road, and much like the steam powered locomotives, gasoline powered vehicles will just fade away. There's a simple adage that explains my view, 'You can't stop progress.' Oil and fossil-fuels in general are attempting to do just that, and if history is any indication, they will eventually fail.