I'm pessimistic but still looking for the good news about the future of oil supplies. Cambridge Energy Research Associates suggested there is more oil available than we thought and thus presumably we should be optimistic.
I'm 75 and I know how fast the years fly by. I retired in '98 and that's only about 10 years ago. Daughters are about 50 and that seems like yesterday. So optimism that real declines in oil will occur no earlier than 2030 is hard to sustain. That, to me, is tomorrow ... morning. I picked up arrow heads from men poking around my cabin grounds about 10,000 years ago just after the big glacier melted. That seems now a short time ago relative to known Earth time, human time, and recent animal-time. There has been time for several "the rise and fall of the xxx empire" since then.
I cannot fathom 1.07 trillion barrels of oil "yet to be discovered" since presumably undiscovered, I prefer "a billion billion" yet to be discovered. So I'm pessimistic.
I can hardly comprehend any optimism in getting oil from 7000 feet below the ocean (a mile is 5280 feet) partially because I know that it will cost a lot of energy to do so and I tire after first thoughts about the human, environmental, and "expected" costs of bringing thousands of barrels of it to a refinery. Alaska sources are small; alternative innovative sources are surely worth a wish; tar sands are a low net production, last ditch source ... if Canada is still friendly.
I see no significant reduction in oil use since the election campaigns began (about 5 years ago); I know big oil things move slowly for many reasons. Alternative sources emerge slowly and, risky, they develop even more slowly. I have seen in my life, and now expect, undulations in oil supplies and prices. It's about 2010. How many undulations can occur between now and 2050? What are the optimist thinking that I cannot? What am I ignoring? What are others ignoring?