>>Is why we won't run out of 'oil' at any time. Even at $500/barrel equivalent there is a point where if you must have 'crude oil' you can make it for a price. Of course at that point its a 'renewable resource' which is kind of funny.

Well, yes. We won't run out of oil in the ground either. The Earth actually has enough reserves to last us for thousands of years.

When people say we will "run out of oil" what they actually mean is that we will run out of cheap, easily affordable oil (i.e. oil that can be extracted and transported to refineries easily). I mean, do you know what would happen to gas prices if we had to pay $500/barrel?

So yeah, we will probably always use petroleum, since it has a lot of byproducts used in other industries. But using oil as a fuel? That is going to have to stop soon because of price pressure alone.