New oil fields can't just be drilled tomorrow. They often can take years before anything gets extracted.
Also, not all oil is equivilent. Just because there are million of barrels of oil available in some of these places doesn't mean it's the same type of oil the world is used to.
These new oil fields are only economically viable because the price of oil is high enough to cover the extra cost in extracting and refining it. Most of them were discovered years ago but ignored because it would cost more money per barrel to extract and refine it then it could be sold for. As the price of oil skyrockets, companies are seeing profits and therefor drilling the less desirable oils.
As for ethanol, its unlikely to solve anything in the long term. Even the newer cellulose ethanol isn't likely to make a big enough difference to change the outcome, especially if you take China and India into consideration.
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