Pretty much the same argument as Peak Oil which did not include man’s ability to adapt and create new technologies to make use of oil not deposited in traditional oil fields.
It may come some day but it is hundreds of years off and by then necessity will have been the mother of invention once again and we will have new forms of energy etc.
Mel
And also assuming we know with rigorous, reproducible scientific experiment how oil is formed within the earth. What do we know about that process, really? Like Global Warming, we have unproven theories accepted as fact, with significant peer reviews (i.e. circle-fest) supporting this presumed conclusion.