This is a very common misconception. Production is all that matters and existence is completely irrelevant independently. Production factors in existence and future expected existence. For example if any oil rich nation thinks oil going to run out they will hoard it for future so they can make money.
But some get pedantic and ask "But isnt number of Oil molecules in earth finite?"
Such pedantism can be easily blowm away by responding with pedantism. Oil molecules on "earth" might be finite but in universe they are infinite. Even if the molecules are finite atoms of Carbon and Hydrogen are vastly infinite in universe. We already know how to merge these atoms to form hydrocarbons.
These arguments then get into the saner territory of "but isnt it too expensive to bring water from Jupiter and turn it into Oil on moon and then ship it to earth?", yes it is compared to fracking but fracking was considered too expensive compared to drilling which was considered too expensive compared to using mined coal etc.
Ignore existence and focus on "production". As far as production is concerned we are not going to run out of oil ever. Unless we stop "needing" it.
While the resources are out there it's very feasible that we could become locked into a scenario where it is out of reach. I don't particularly care for letting the cost stop us from taking it from outside Earth, but the prerequisite for doing so is having enough energy available to accomplish the goal. Which is a path we could easily close off for ourselves.
But some get pedantic and ask "But isnt number of Oil molecules in earth finite?"
Such pedantism can be easily blowm away by responding with pedantism. Oil molecules on "earth" might be finite but in universe they are infinite. Even if the molecules are finite atoms of Carbon and Hydrogen are vastly infinite in universe. We already know how to merge these atoms to form hydrocarbons.
These arguments then get into the saner territory of "but isnt it too expensive to bring water from Jupiter and turn it into Oil on moon and then ship it to earth?", yes it is compared to fracking but fracking was considered too expensive compared to drilling which was considered too expensive compared to using mined coal etc.
Ignore existence and focus on "production". As far as production is concerned we are not going to run out of oil ever. Unless we stop "needing" it.