It has been demonstrated by many that we have more known oil and natural gas deposits then we know what to do with. The problem is we are not doing anything with it. We have not built any new refiners or infrastructure, etc. in decades and then were told prices must go up because we have a shortage. Wow! Now isn’t that surprising. This is not a problem of supply and demand but rather greed, power, and maintaining control over the people.

Can there be problems with “fracking” probably. Can these problems be addressed undoubtedly? But the powers-that-be would rather use fear and propaganda to prevent the extraction of this oil as this is their way of limiting supply and thus keeping the price high.
But even if we decide that this method of drilling is way too dangerous we still have a 200 year supply of "conventional oil" in Alaska without even having to look for a single new drop.