Correct, George Tower, and the South Africans were merely refining (sorry!) a process developed by the Germans in WW2. Bottom line is, there's no shortage of oil - but we may well be running out of cheap oil. When that happens, two changes will occur:
1. We will stop using oil for really stupid purposes (unnecessary packaging, powering Range Rovers, ...), much of which happens only because oil is so cheap. Maybe we'll have to pay more than a quid for a flight to the Med.
2. Vast reserves of oil (far more than the total amount extracted to date)that are currently uneconomic to exploit will become available.
As Sheikh Yamani (who knows a thing or two about oil production) put it "the stone age did not come to an end for lack of stones".