I don't think oil is infinite (a theory among some Russian oil geologists) and I do think the days of cheap oil have ended.
Some Russian geologists have supposedly discovered what they term "abiotic" oil reserves. Oddly, no other tested reserves outside Russia yet show the same kind of makeup (they are all from "biotic" origin).
Don't get me wrong, being able to turn inorganic matter into oil would be a boon, but there is plenty to be skeptical about. Even turning organic matter into a crude-substitute by most of todays methods is a net energy-loser.
(1) IN GENERAL- Not later than 6 months after the date of the enactment of this Act, the Federal Trade Commission shall promulgate, in accordance with section 553 of title 5, United States Code, any rules necessary for the enforcement of this section.
A constitutional question here: Since the power to legislate is Congress' alone, how come we have so much "Administrative" Law (hoping I'm using the right term)... what authorizes Congress to abdicate it's responsibility and delegate lawmaking to commissions and agencies? Has any Constitutional challenge to Administrative Law ever been proposed?