Heck if the price every gets truly ridiculous then you start looking off-world.
Unlikely to happen, the abiotic theory in the creation of oil by Gold is mostly viewed as disproven, because it lead to deep drilling efforts, these got not much oil out of it but showed that even there bacteria (extremophiles) were present so deep inside the earth.
If you would now jump off your seat and say again that this is proof that we just must dig deeper. This can be disproven to be sustainable by logic, meaning yes there is little oil, but again "little" not the amounts needed.
The steps to disprove:
a.) The creation of oil needs at least plant life (the biomass of plant life is enormous), while it may not need the life itself(chemical proccession is possible) but life (our known carbon based life) accumulates water and carbon,
and these things can recombine to hydrocarbons (under the influence of heat and pressure)
This means to create oil reservoirs you need and accumulation of the right components and life has the ability to accumulate.
hydrocarbons == oil
If those elements would have been scattered there would be no such oil "stashes" found in the earths crust.
b.) the past view of the O2 content over the last billion of years
- some 650 million years ago the O2 concentration began to rise,
deduction: that this must be initial starting point in develloping of plant life. This is our ground zero for oil creation inside the earth
If you accept the assumption that 99% of the oil resources are based on reprocessed biological matter. The next deduction is, that: There is only a limited amount of oil because of the limited time span of life on earth.
Evidence can be seen, when you look at all discoveries of oil reservoirs, they have two huge peaks(40s and 50s), and many small peaks, but the trend is going downwards, even with the invention of new techniques.
Also discovery doesn't mean production, so basically the reservoirs that are in production now(yes fracked and tar sands) were found some 40-20 years ago, (tar sands are known even longer before) and fracking is also sucking the last drops from known deposits.
Deduction: Digging deeper means just going longer back into the earths biological history And this also means that you are just going back to that point when the "tank" (meaning all that biological matter that was conserved and did not decompose) was started to be filled.
Meaning: The deeper you dig the less you will find.
The other evidence proving the reality of peak oil is that this oil is used for rougly 130yrs. at industrial scale.
These resources were never drained before. So even that right now hydrocarbons are formed in the earth crust. The rate of oil creation by this process can deduced to be very slow.
Taking into account the long time for creation, the total consumed amount and the growing hardships that prospectors face since the 60s it can be logically deduced that there is a limited amount of oil, and if you start to drain it, the creation rate of new oil due to biological processes does virtually not even cover for about 0-point-0-somehting percent of the whole oil production. This means it is logical and safe to assume that peak oil (production) is very real.
And if you look into the future consumption of China and India which I did not, it looks just more severe.