If the Axis were led by a seasoned wargamer, and war proceeded exactly as depicted in HOI, the world would have been entirely conquered within two years.

Or did the allies simply have too many resources and too many reasons to fight the Axis that would have made any victory impossible?
I figure this one makes the most sense. Though apparently Germany would have met all its oil needs (ie. oil deficit) with just 10% of the output from the Caucasian oilfields. At Baku, I've heard, the oil was only a few tens of meters below the surface and could have been extracted even without the advanced machinery. Anyone want to confirm?

But I don't know much about this stuff.