Is the world running out of oil. Well according to the National Center for Policy Analysis, such pessimistic assumptions about oil are nothing new. In 1855, Kier’s Rock Oil advised consumers to, quote, “hurry, before this wonderful product is depleted from Nature’s laboratory.” Indeed, seven oil shortage scares occurred before 1950. Predictions of an oil famine also were rampant during the Arab Oil embargo of the 1970s, but in each of these cases, the scares were followed by gluts of cheap oil. In actuality according to the National Center, reserves of oil have never been higher. And when all is said and done, experts predict we may actually have more than 500 years of steady oil supply.