Yes. Except, I have to wonder how large the lake that would contain all the available oil in the world would be.
About 850 billion barrels consumed. Approximately 1600-2000 billion barrels believed to exist in the ground. The professor calculates the oil consumed would fill a 50 mile by 50 mile lake to a depth of 63 feet. So a lake with all of the oil that ever existed would be less than 200 feet deep.
Here are some other calculations showing the magnitude of 1.75 trillion barrels of oil. http://www.oilcrisis.com/debate/oilcalcs.htm