The problem isnt oil is going to run out, oil will Never run out. Its the problem that cheap oil will run out. This isnt the $ cost of a barrel.
What I am talking about is the energy pay off you get from a barrel of oil. When oil was first discovered as a fuel source it was found just under the surface of the earth in places like Texas. Here all you had to do was sink a pump and out comes loads of oil! So in cost terms:
Very little energy in = large energy out
Eg. 1 barrels in = 30 barrels out
Now lets take it to the next step... getting oil out of the North sea, where you need an oil rig, helicopters and supply ships to get your oil
Medium energy in = large energy out
eg 3 barrels in = 30 barrels out
Now there is talk of oil under the polar ice caps... To get this we need ice breaker ships travelling large distances through ICE which all uses high levels of fuel. We need to setup expensive drilling equipment in a harsh environment
medium to Large energy in = large energy out
eg 15 barrels in = 30 barrels out
At some point it becomes a waste of time to extract oil as it comes to a ratio of 1 barrel in = 1 barrel out. At this point (and likely before) oil ceases to be an energy source.
At the moment (I think) we are sitting at the energy trade off of 1 barrel in = ~5 barrels out.
The majority of our infrastructure and energy requirements are based on oil. It is, and will remain for the next few years, the best value energy source available to us. Nuclear, wind, wave, solar all have input to output values of about 1: between 1.2 and 3ish. If we are to use these solutions we must input cheap energy into these NOW while we still have cheap (in energy terms) oil available to us.
Some of the alternatives actually take more energy to make then they give to us! For example ethanol from corn - You need to fertilise the corn which takes ammonia which is fixed in the haber process. The haber process is incredibly energy hungry and accounts for ~1% of human kinds energy product.
Then you need to harvest it...
Then you need to convert it into ethanol... it works out at an energy ratio of about 0.8:1.
If you interested in this topic i suggest you pick up a copy: Party's Over: Oil, War and the Fate of Industrial Societies by Richard Heinberg.
Thats where i read the above stuff.