I am not convinced we will ever run out of oil.
Firstly, the increasing price of crude oil is making sources of oil like the tar sands, oil shale, deep sea oil and oil deposits which need Directional drilling to be extracted. These extraction methods were not profitable at the price levels of several years ago), profitable to extract.
Secondly there is the increasing fuel efficiency of automobiles and introduction of hybrid vehicles which will in the long run despite many more cars being on the world's roads result in same petroleum use or even less.
I doubt we will ever get back to prices of $10 per barrel for oil recorded in the late 1990's or anyway near that level. However I do not believe the world is going to ever run out of oil.