The experts were and are correct. The media/banks/financial institutions are telling the world that we have more oil than what we will ever need . They are basing their statement and position solely on the fact that the US inventory has  increased 100 mmbbls over the last four years. That is 0.5 mmbbls/week ( 0.07 mmbbls/d).  Global oil production is 95 mmbbls/d. Is 0.07 mmbbls/d a glut relative to the 95 mmbbl/d? I do not recall any other commodity being viewed on this basis. Crude oil global demand has continued to increase 1 mmbbl/d annually throughout the last four years. Note also, that US coal production is still increasing. The increase this year is equal to 4 million of oil equivalent bbls/day. The incremental oil production bbls due to projects implemented ten to fifteen years ago when oil was $100 plus per bbl has all come on stream...there is no new oil coming on stream folks.