YOu are absolutely right on this one. As someone that works in the industry, I know what the lead time is in getting new reserves to the downstream operations. We can drill all we want now, but you can't produce it and the best estimate is like you said 5 years down the road.
All my pipes that I need to get the oil from the ground were ordered 2-3 years back. For me to get materials to complete my wells, I will need to order 3 years in advance, and prices of the raw materials have quadrupled due to strong demand from China and India.
The bottom line is that we need to alter the demand part of the equation, and that involves a mutifacet approach.

• We need to strengthen the dollar which is accounting for about $40/bbl increase due to its weakness caused by the twin deficits.
• The geopolitcal risk will have to addressed: presence in Iraq and war posture towards Iran- that is adding fuel to the fire
• Tight supply with increasing demand. Like I mentioned earlier, we have a huge influence on the demand part of the equation but quite minimal influence on the supply part in the short term (2-5 years). It is also a wrongly held myth that OPEC can increase production whenever they want- not true.
• Cost of basic raw materials that are used in well conctruction have quadrupled due to demand of these materials,and weakness in the dollar which is the currency of trade. This feeds back to the supply part of the equation, and also the lifting cost as well.

So I believe the solution is a multifacet one.