The notion that the US or any country will willingly pass on extracting any fnown, economically viable, deposits of oil, NG, or even coal of any significance is laughable.  As we near the oil and then NG peak, we will exploit whatever resources we can.  All the political wrangling and fights between the pro-production and the environmental camps (just to pick one pair of combatants) will evaporate in the face of genuine need.

Similarly, this question we see pop up from time to time about whether Bush or any other head of state knows about PO is silly.  Of course they know.  Even politicians are smart enough to understand the concept that a finite resource used at a horrific rate can't last forever.  They might not talk about it publicly, but they sure as hell know about it.

Expect to see the jingoism in the US ratchet up a few notches in the coming years, particularly with respect to China.  We'll hear more than a few ugly things coming from the extreme right wing of the US political spectrum.

Are oil companies making excessive profits?  Yes.  Will anyone in the US gov't do anything meaningful about it?  No.  Is this actually a good thing, to have prices run up pre-peak and spur more conservation?  Yes.  Does it piss me off every time I fill up my gas tank to know that I'm adding to those billions that the oil companies are making?  A little, but I'm far more concerned about the people who can't afford current gas prices, and what will happen to them in 3 or 4 years.