Those countries and companies with oil assets will reap the profits. Wars will increasingly break out to gain access to those diminishing resources. The Iraq war was the first of these, aimed at securing access to Iraqi oil for favoured U.S. corporations.
In this it has been largely successful. The Iraqis will be paying for their own occupation for many years to come. So will the American taxpayer and car owner of course, but hey, it's a free country, and it is they who elected Cheney/Bush. notes from no w here
From my point of view, it's a lot better story than that. "There is mysterious music in democracy, when people decide to believe in themselves." ---Bill Greider, The Nation.