Maybe oil is one of things we will never run out of . . .
Or maybe peak oil is long past and we will run out of it.
I'm thinking we won't run out any time 'real soon' and when we do run out it will be a more gradual process.
As in first we run out of 'easy to pump out of the ground' oil. Like the Saudi deserts. After that we have the harder to extract oils. Like shale oil, and those Canadian oil sands. More expensive. But still extractable.
Deep water oil drilling anyone?
We will not run out of oil all of a sudden.
It will be more of a gradual process. With oil getting more and more expensive as the cheaper production / extraction methods run out leaving us with the more expensive methods.
As oil out-of-the-ground gets harder to come by eventually 'Algae oil' will become economically feasible. Or 'sewage-to-methane-to-diesel fuel. And, hopefully, some sort of inexpensive 'power cell' for powering personal vehicles will get invented.
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