Oil isn't running out, the ability of our atmosphere to absorb greenhouse gasses is the limiting factor, not our access to oil reserves. We need to leave oil in the ground to preserve the climate.
This may not be happening, but I see some suspicious signs:
- Energy expenditure per capita in the US peaked in the 70s and hasn't gone up in 50 years.
- Fracking companies have never made a profit.
- Arabia Saudi has been pushed to extract more barrels since the war started, they haven't, in theory it's for political reasons but some experts mention that they may be unable to increase production any further.