Oil is definately running out, it is a finite resource.
The most recent information I've heard on the topic was last night (BBC) where it was stated that about 50% of the world's KNOWN oil resources have been used. Even at 4 times the rate of the world's use of the last 100 years, that gives us about 25 years to find a viable alternative.
Nazi Germany did not have 25 years to find a viable alternative, as their access to oil reserves vanished, their programme of synthetic liquid fuel production from coal was completely successful, although delivering insufficient quantities by war's end.
Synthetic liquid fuel production from coal is very expensive, but the gap between it's cost and 'natural' oil is narrowing daily. Use of this source alone in the future will cause a major change in fuel prices, and economies will have to re-adjust, but they will because they have to.
The world has FAR more Coal reserves than it ever had oil reserves.
As 411A says, "Not any time soon".
Regards,
Old Smokey