The Truth About Oil

MYTH NO. 3:
WE’RE RUNNING OUT OF OIL.
REALITY: This one is true. Sort of. Unlike wind or water, oil is not a renewable resource. So by definition we’re using it up, in the same way that we are all dying all the time. The real question is, When will it become impossible (or impossibly expensive) to recover enough to meet demand? Answering that question is not easy. New discoveries and new drilling technologies have transformed the science of exploration, which is why global reserves have doubled since 1980 (to 1.3 trillion barrels) even as consumption has soared.
Fortune