>It also says that there's no natural law that "technology will improve" always, so that getting harder to get oil will only require the prices to rise "slightly". At some point a specific technology does not improve anymore, or you get diminishing returns.

If you (or anyone) actually believed that you'd be going out and buying oil and oil rights, expecting to get rich off the massive price increase you are predicting.

If people did that it wouldn't be a problem in the first place (it would conserve oil from the present supply for future demand, stabilizing the price.)