Nearly every warning about an impending energy crisis over the past 30 to 40 years has turned out to be wrong. And none of them are more wrong than the idea that we’re running out of oil.
The natural rise and fall of energy prices is responsible for the wax and wane cycle of energy production technology. Over the last decade, in the face of ever rising energy prices, the resulting advancement in technology has boosted production and encouraged efficiency. Now we are faced with a huge surplus of oil and natural gas as a result of things like "fracking" and related technologies.
We will never really run out of oil, not that the supply isn't finite, but as prices rise and technology improves there will be more supply that can economically developed. Rising prices will also drive innovation in efficiency, reducing demand. For now, the development of technology has been finding new reserves faster than the depletion of known reserves.