That's a term liberals made up to scare the bejesus out of everybody into believing we're going to run out of these resources and we'll all freeze and die if we don't go green.
The creation of things like coal and oil is an ongoing geological process that occurs and continues for millions of years.
There will never be a final drop of oil. But those final-ish drops will be expensive.
You are right that the processes that create oil and coal and natural gas are ongoing. As sediments settle in basins around the world they will ultimately be pushed deep enough into the lithosphere to go through the oil window or the coalification process. Natural gas is either biogenic or kerogen that has passed the oil window in pressure and or temperature and been cracked to small C1 hydrocarbons. The problem is humans are burning hydrocarbons at millions of times the formation rate in the lithosphere. We are burning oil from the Permian basin which is from the Permian geologic time it took millions actually tens of millions of years to form and humans will tap the Permian basin out on under 100 years that clearly is not sustainable. Same for every other basin on earth on under 250 years humans will use every bit of recoverable liquid hydrocarbons at our current consumption rates. Faster when the huge middle classes of China and India continue to grow. China and India added half a billion to their middle class in the last twenty years dwarfing the middle classes of the EU. I say EU because of those people burn oil like Americans at four times the rate of the Asian middle class it quadruples the consumption rate globally. I have spent twenty plus years chasing hydrocarbons on 6 of 7 continents all the major basins have been mapped, characterized and every major total hydrocarbon system identified on the face of the planet. We have at most 45 years left at present consumption rates this is well known by petroleum geologists. It’s a race to the bottom the boomers will be long dead but Gen Z will still be around when the last of the liquid hydrocarbons get pumped it’s not if but how soon. 45 to 20 years is my professional analysts based on decades of geological work. It all depends on how much the growing global middle class uses. Abiotic oil is a myth not a single sample anywhere on earth from any sedimentary basins which has had three way geochemical analysis has ever not had a biological marker not one. Professional geochemists and geologists have never seen a single abiotic oil sample.