This is quite a lengthy article, but it will give you a very good picture of the state of oil exploration and production.
“It’s frustrating to me,” Farnsworth told me. “It’s never going to change, but the general public always thinks, I should be able to get a gallon of gasoline, and it should be damn cheap, and whether I choose to drive a 10-mile-per-gallon car or a 40-mile-per-gallon car should have no impact on that price. We know how hard it is to explore for oil, and we know how hard it is to get it out of the deep water. And there’s been this incredible disconnect, which might have been lessened by the spill, between what people think it takes to get gasoline in their car and what we do.”