You bring up Iraq and oil reserves...I was looking at a piece that discussed the numbers. The highest was 300 billion barrels, which would exceed what Saudi Arabia had.
LINK
The problem is, global use is up to 83 million barrels per day - or 30 billion barrels per year. So if we take as a given the most optimistic assessment, and also suppose it can all be recovered, then we get (at best) 10 years before we're in trouble again. (
LINK ) Ten years sounds like a lot, but it isn't much time to come up with new technology and get it implemented across the country. As Peregrino mentions, we've been toying with fusion for
half a century, and we still haven't solved the problem. Projected increases in use, as available at the link above, render the problem even worse. If there are fresh reserves, we had best use the time it buys us wisely.
That makes it essential we get to work finding some new solutions, whatever those might be. And therein lies the trouble if the price of oil goes down. Complacency is comfortable; the status quo is easy to accept, and generally doesn't create controversy. If oil went back to where it was last year, and gasoline did the same, everyone would be happy - and all incentive for solutions would wither away. It seems we need the pressure of circumstances to motivate us.