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The part about oil being finite is also crap. Petroleum in the ground is methane based and will replenish itself. This may not happen on our timetable quickly enough to keep a steady supply coming out of the ground, but it will replenish itself.
The first time I heard this was 15 years ago from a good friend who is a retired Chevron research scientist. Oil did not get into the ground via the dead dinosaur line of crap they taught us all in school. They didn’t know how it got there so they came up with the fossil fuel theory and taught it as fact. That theory has since been proven to be totally inaccurate.
They have found hydrocarbons, the basis of oil, on the moons of other planets. There is methane there but there ain’t no dead dinosaurs.

Consider this article: Titan's Surface Organics Surpass Oil Reserves On Earth ScienceDaily (Feb. 21, 2008) — Saturn's orange moon Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth, according to new data from NASA's Cassini spacecraft. The hydrocarbons rain from the sky, collecting in vast deposits that form lakes and dunes.... http://www.sciencedaily.com/releases/2008/02/080220200045.htm "peak oil" ???

They say now that the moon Titan has 100 times more oil than the earth. So much for the old theories. The Russians figured out abiotic oil around 1900. They think we are a bunch of idiots.