> assuming that humans will run out of oil in 50 years.
That was never a tenet of peak oil, which still stands - the claim was that at a certain point extraction costs per barrel will climb and continue to climb making fossil fuels increasingly expensive.
The claim was not that oil will run out, the claim was that only the very rich and nation states will be able to afford oil.
Interestingly we may see a demand driven peak oil in the near future before we see the inevitable production constrained peak (as fossil fuels are vast but finite and were never going to last two centuries at the ever increasing demand we put upon them).
https://www.bbc.com/future/article/20230726-an-experts-guide...