I think I can say pretty confidently that everyone IS in on the oil act. Everyone who has the experience or capital to do so anyway. Globally it's pretty much impossible to find an exerienced petroleum Engineer or Geologist. Plus, Drilling rigs are nearly impossible to find, even if you have the money.

Each new barrel of oil is harder to find than the one that it's replacing, because the easiest stuff was used up years ago. This adds up to increased expense, and a higher cost of production.

With the way costs are right now, if the market price did fall to $20, 30 or even 40 dollars a barrel, quite a few wells would simply be shut-in.