Is the people who in ignorance have been loudly announcing the end of oil for nearly 100 years.
These people have been busy providing proofs of this every time.
They have a 100% track record of being wrong.
There is more hydrocarbons tied up in oil sands than exist in total liquid petroleum reserves worldwide.
IOW, the news that we are running out of oil is off by X100's of %.
The 'war for oil' premise is another proof that has been worked on long and hard in complete avoidance of the facts.
Saddam desperately and loudly lobbied for the privelage of selling oil in the market, and would have if the French and Russians had been able to have their way.
If the US wanted the oil, all that would have had to be done is to abandon the UN sanctions.....(and permit the UN to completely die, a la League of Nations).
So Galbraith is right, and the article you quote proves it.
Ed