I think the most important thing is that no matter how you fudge the numbers, oil is finite and we are running out, while the population is growing exponentially so we'll keep running out faster and faster. Even if we could find all the oil in the planet, and get it all out at once, it wouldn't be enough. No amount of finite oil can be enough for a people that expands its population exponentially forever.
We've got energy that falls out of the sky forever. We need to find cheaper ways to harness energy from the sun, rain, wind, and lightning. Those will never stop.
We're running out of oil on the surface. We'll have to drill deeper, which costs more. At a certain depth, it costs more to drill than you can make back selling it. People will just stop drilling.
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