Entire books and millions of words on blogs address this question. The effects will reach into every aspect of most humans’ lives from food availability to jobs to home heating. Begin at the links to develop your understanding.
Also, it is not “if”, but when. It will be a long time until oil is exhausted (“runs out”) – in fact it will never run out. But far sooner than (a few decades, at most) that it will become prohibitively expensive for the wasteful uses (burning for fuel) to which we put it today.
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