BUT, is oil running out??? For many years I've really wondered if how oils made, ie the photoplankton theory is correct. There's not much evidence to support this theory that crude oil is really fossil fuel at all. Coal yes, I've seen with my own eyes in all seams I've worked in, leaves, branches, even the odd tree trunk or two, plus small shell fossils in the rocks above seams. But oil is oil, no fossil remains!
Google "abiogenic" This is an alternative and more realistic theory, and remember, both thoughts on how crude was formed are theories!
Now IF crude was formed by the abiogenic method, then oil is still being produced by the earth and is a "renewable resource".
During my years as an electrician and also working in electronics, I've seen theories change at a whim, so don't discount this one, there is a good chance the theory of "abiogenic crude oil" is actually fact with more evidence to support this theory than the opposite "accepted theory"