There are many predictions about if and when oil when run out. Many people speculate that we may only have until 2020, while others think there are numerous untapped oil fields around that world that could last through the century, even staying close to the consumption rates we use today.
Running out is not the same as the peak of oil production. The latter is what may occur by 2020 or so (or may already have happened). At that point we will have produced half of all the oil there is – and half will still remain, but it will cost much more because it will be in declining supply.
“Running out” is not a likely event in the foreseeable future.
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