Theres also a pretty significant glass shortage because of it. (its the only product that selenium is used for...) I am pretty sure that glass is not in crisis in RL. Oil on the other hand is still coming in thick, fast and very easily.
Localized resources are on the list to be improved. The idea was never to exactly copy real life though. It was really about the broader principle of having resources that can only be produced in certain places while other (read: most) resources are available anywhere.
I have decided to ensure the lack of selenium on KB continues for a little while. Stuck a country order in for 100k just so i can supply my glass corp manually.
I am on LU and the same thing applies there. Even though we can't build corps for selenium we can still buy it and sell to the corps that require it. Like Adam, I decided to buy a bulk supply and manually sell to corps which need it.