Simon's Bet on the Hyperbole

Annual oil production was 46% higher in 2015 than in 1980, according to BP. Oil reserves have increased by 148%, around triple the increase in production and consumption. The rarity of a resource determines the relative cost of extracting it from the Earth. More prevalent metals like iron and copper are easy to find and relatively cheap as a result. Rarer metals such as silver and gold are more expensive.