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No. We were supposed to have hit peak oil 25 years ago. That doesn't mean all the oil goes bye-bye. It means the amount extracted, per year, no longer increases. There'd still be a shitload of oil every year. Just not quite as much as the previous year.
The fact there's a finite supply guarantees this will eventually happen. It is not physically possible to endlessly increase the amount of oil extracted each year. And the oil we're seeking out, in any given year, is what's easiest to acquire. So the net energy of extracting the oil tends to go down, barring advancements in extraction technology.
This is mostly what averted the predicted peak. Offshore drilling made oceanic reserves viable. In the continental US, oil production peaked circa 1950. It went up and down for a while but has been on a straight decline since 1970. US oil production in general peaked in 1970 and similarly fell through the 80s, 90s, and 2000s. The line only shot back up because the industry made shale and tar sands a viable source.
A child would go, 'aha, we found another source, I guess we're safe forever.' But the first seventeen bajillion barrels are gone. We've already drained a massive portion of all the oil that can even theoretically be produced. In a very real sense, America is running out of oil. We're making up for it with oil substitutes, like petrochemical-saturated dirt. In practical terms, we're still making more gasoline each year. The supply will never suddenly vanish.
But there's only so much there.