No. Emphatically, NO!
http://www.nextbigfuture.com/2016/01/technological-progress-in-big-data.html
Fracking 2.0 is coming, soon, and will drive the price of extracting a barrel down to somewhere between $5 and $20. Technology will, once again, upset the apple cart of those mired in the status quo, those with no imagination.
Here’s an old (2011) article http://www.nextbigfuture.com/2011/08/progress-to-unlocking-over-800-billion.html on a then-new technology to recover 800 billion barrels of oil out of the Green River formation that is centered in Colorado. All alone, that is 3 times the Saudi reserves. That’s recoverable, not in ground and theoretical. That’s NOT including the Bakken formation in North Dakota, NOT including Eagle Ford, the Permian Basin or the Barnett formation in Texas, NOT including California, NOT including the Northeastern US formations, and NOT including Alaska (which reputedly has a shale formation that dwarfs everything else combined in the US). In short, there is NO shortage of oil, only the technology to get it out of the ground econonmically (and Fracking 2.0 solves that problem).
FYI, 800 billion barrels could, alone, provide for more than all of our liquid energy needs. At 20 million bbls./day of usage, each billion barrels lasts for 50 days. 800 times that = 40,000 days, which is about 110 years.
That is 110 years of oil recoverable with this week’s technology. That number will increase faster than it is approached.