Tapping oil reserves has a history of wrecking governments and economies. The economics of it quickly push out other forms of industry. Politicians quickly seize on the opportunity to claim they personally own the reserves - and become dictators. Then there's the horrible ecological costs.

The best option is to develop means of providing energy which disrupt the economics of even oil extraction/refinement. Nuclear could do this - uranium occurs at a pretty constant rate across the earth's crust. Nuclear could also be built out at a rate of choice to meet and pass the energy provided by fossil fuels. One thing that typified the industrial expansion to modernity is ever increasing utilization of greater amounts of energy. Energy storage even has suitable options to disrupt fossil fuels - vis a vi hydrogen fuel cells, lithium batteries, and plenty of other options. (Personally, I like that fuel cells output water since desert areas are seeing greater population characteristics.)

In short, the best option is to leave oil and fossil fuels in the ground and grow the world off its use through appropriate investments in tech and infrastructure.