That's the point. The oil will run out--its a fact. But that does not mean that a new technology will be created in time to replace it. If it doesn't . . . there will be a mass extinction of human beings in a matter of a couple of decades.
If we were going to live that long I would bet you that by 200 years technology will create the answers to replacing oil as an energy source
Who would take that bet? We could have warp drive and teleporters by then too. But right now, it is science fiction.
1st, there is no true known amount. If what you are looking for is a hard number then the best number given is 10 trillion. But of that 10, only 1.4 trillion is proven, or in other words, can be recovered by technology in use today.. Example, 30 years ago the Bakken wasn't recoverable. Today, it produces over a million barrels a day. Now we have the tar sands etc. So if anyone is bold enough to claim that: A) technology will not increase B) no new oil is accessible by technology Then we have about 60 years from today left (of the 1.4 trillion). Though clearly A & B will not happen. In any-case, Oil consumption is down and likely to continue that trend as more renewable are used by the world.
Not really. Price is dropping because the market is bloated. It will level off above where it is now. Some estimates are between $75-$85. Sure some consumers will "take more trips" but it's not just about gas. Renewables will still grow pushing out oil.
A guy in the big hat once said, "there is absolutely no shortage of oil on this planet. The issue is there is a severe shortage of $40.00 per gallon oil."
