I am not convinced that burning oil is the best way to go for all time. But there are way bigger world oil reserves available than had been assumed for a long time. We are far away from "peak oil". It is not just that more places with oil are found to exist, there are new technologies available to harvest oil fields that had not been considered for exploitation in earlier days.
We should continue to look for better non fossil fuel energy. Not sure if going nuclear instead would be best. How about thermal heat or tidal energy for non transport uses like heating and cooling?