Oil panic
I seem to remember similar forecasts of a dire future back in the 1980's with extrapolations and "guesstimates" being hurled around like confetti which gathered a momentum of their own. The fact is that oil reserves are plentiful but we have to decide how we wish to use them.
The oil sands and oil shales of North America and Canada have 100's of years capacity at current usage rates. It used to be forecast that at $25 dollars a barrel it was economical to extract it. Obviously that has risen and I believe it was based on using oil to produce steam to make the oils flow. However, I also understand that they are seroisly considering placing a nuclear power station within or close to the deposits for non-oil energy to create the steam. Man will find a way believe you me. Also we are beginning to realise that oil is still the best TRANSPORTABLE energy source and that to use it in any fixed ground based installation is absurd.
There will be changes but at $150 per barrel you can bet your life that the oil industry scientists are motivated to find further suppies. The danger of course is if the price should suddenly drop - but then we are back to square one.