It has become one of the mantras that are beginning to appear that "technology" will solve the peak oil issue.  We have had it from even the highest temporal authority that this is so.  So you would think, with all the money they have, and recognizing the problem, that there would be one industry that would be really plowing the money into research.

From "The Color of Oil" by Professors Michael Economides and Ronald Oligney (both Professors who should know).

Many unique features distinguish the technology of the petroleum industry.  First, there is little doubt that technology is crucial, and that deployment and integration of technology is essential to the industry's success.  Yet, this technology is highly diversified and applied to industry segments with different needs.  The scope is wide. Seismic exploration and processing, enhanced oil recovery and the construction of deepwater production facilities have little in common.
Why is it, then that the petroleum industry, so technically dependent, is the industry with the smallest R & D spending? The healthcare sector leads all industries, with 11% of sales going into R&D; the electrical and electronics industry spends 5.5%, and the chemical industry spends 4.1%.  In this light, the petroleum industry's R & D spending of less than 0.5% of sales is striking.