Many people wonder how much oil remains to keep up with our increasing demand. An article discussing this very subject indicates that no one can effectively predict this.
I propose that we will never run out of oil. Higher oil prices will eventually reduce demand as consumers choose more efficient cars and energy producers develop alternatives like wind power. When the cost of finding and extracting oil becomes higher than the consumers willingness to pay for it, the oil producers will not be able to make a profit and they will be out of business. This indicates that we will never completely deplete the oil supply.