The biggest thing that limits us from running out of oil is that as the price goes up alternative energy becomes viable. So as long as the price increase is over 50 years and not 5 years alternatives can be found and implemented without disrupting our energy supply too much.
Proven current technology would have us go to nuclear / electric cars although other tech will come on steam as we move forward. The problem with peak oil is that they assume that oil is the only form of energy available and fail to account the new tech that will be developed as the price rises.
Although long term Multivac will need to figure out how to reverse entropy to solve peak energy when the unverse runs out.
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