Scarcity, really?

The graph shows proven exploitable oil reserves rising from 1980 to 2003

It is often claimed that resources are scarce.

Worse still it is claimed resources are running out. This claim is especially often made for oil, but it has never really been true.

The polar caps are retreating and this is allowing us to access resources in remote areas. These resources, oil in this case, are now worth extracting because the price of oil is so high. Even if these resources were accessible in the 1970's no oil company could have profitably exploited them, but at $80 to $100 a barrel they can.

So does the fact that there is more and more oil being discovered mean oil is not scarce?

No, not at all. Because the oil resources of the Arctic have alternative uses it is scarce and commands a price. But oil is not as rare as it was, although using it all will be a real problem for global emissions.

The Guardian reports the great 'Polar oil rush' here