Sigh... Yet again, so much misinformation....
There is about 50 years left of oil consumption left in the world THAT CAN BE CHEAPLY extracted.
Believe it or not, there are hardly any new oil reserves left in the world. Most of the remaining ones are very expensive to drill for. How do I know this? Well, my girlfriend works for the Canadian Geological Survey, which actually monitors this sort of thing all over the world. The people who work at the Survey are long haired, weird scientists with PHDs up their ying yang. They know what they're talking about.
Let's put this all into perspective. In Saudi Arabia, you can poke a stick into the ground and oil will come gushing out. This method of stick poking is no longer feasible.
Oil in Alberta costs about ~$12-18 to drill out, due to the oil being trapped in sand. More processing = higher costs.
Oil in Hibernia costs about $23 to drill out, because it's in the Atlantic Ocean.
Oil in the polar ice caps would cost about $40 to drill out, at least. Not to mention most people would not want to live in the sh!t hole that are the polar ice caps.
Oil would cost so much that it would price itself out of usability. Less supply + equal or rising demand = high, high prices. Economics 101. Learn it.