Well, I think same with natural gas also. If we just look at Raju's data which show that the total reserve of natural gas in the world was 6,200 trillion cubic ft  on 2004 with the consumption rate of 100 trillion cubic ft./yr, we might think that the total volume of the gas should have been depleted by now. But if you look at the figure given by EIA , you will find that the reserve is increasing. The total reserve of the natural gas was 6,254 trillion cubic ft on Jan 1st 2009 with total consumption rate of 106 trillion cu. ft.

Actullay, we have huge volume of resources than the volume of reserve which is being converted into reserve continuously. There is too much development in technology that companies are extracting gas even from unconventional sources like shale which was once thought to be useless or only source rock. After discovery of methane coal gas, this is huge breakthrough in energy industry which is going to take that supply year far away from 60.

Again after getting couple of prediction on oil price by the end of year 2009, I am also going to put mine one, which I hope will stick around $72/bl.