Are these the last days of the Oil Age?

Oil ruled the 20th century; the shortage of oil will rule the 21st.
Last Tuesday the lead story in The Financial Times was the latest report
from the International Energy Agency. The FT quoted the IEA as saying:
“Oil looks extremely tight in five years’ time,” and that there are
“prospects of even tighter natural gas markets at the turn of the decade”.
For an international agency, that is inflammatory language. This steep rise
in the oil price over a four-year period has been caused by demand rising at
more than 2 per cent a year, while supplies had risen more slowly, by a
healthy 4.1 per cent in 2004, but by only 1.25 per cent in 2005 and 0.5 per
cent in 2006.

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