I've been around long enough to have heard the one about oil...

I've been around long enough to have heard the one about oil running out in the not too distant future dozens of times. It gets trotted out every few years. The truth is that they are finding new reserves about as fast as we are using the oil in the ground. For 30 years the time when it runs out has been pushed out nearly every year.

It is definitely not unlimited but I would not be surprised to still see very substantial oil reserves still underground in 30 years.

BTW I believe that oil should be much more expensive because it is a diminishing resource and companies need incentive to find alternatives. The trouble is the country where it matters most at the moment is the US which uses a phenomonally disproportionate amount per person. Until they start making moves you can't expect less rich countries to do it for them. Unfortunately we can't just apply a tax on oil across the whole world roughly proportionate to the earning power of each individual. That way it would hurt everyone equally.