It depends on how you ask that question, first of all. Do you mean will we ever pump every drop of oil from the earth to the surface and physically run out? Or do you mean will we basically pump all the major oil wells dry, leaving some scattered pockets of oil in the crust?
The answer is no to both questions.
The reason is because there’s a lot happening in the world today. The Paris Agreement made many nations agree to severely cut back on oil consumption. Renewable energy is making strides, albeit small ones, not to mention mankind is constantly finding new ways to reach oil pockets that would’ve been either too dangerous or not physically possible to extract before.
I’ve written about whether we’ll ever find an alternative to oil and gas, and what I found was it would take decades to convert the entire world economy to a different fuel source should we find one.
However, I think I, along with the sources I quoted, aren’t giving mankind enough credit. There have been numerous occasions in history where someone laughed at the idea of a brand new technology.
“The horse is here to stay, but the automobile is only a novelty—a fad.” -A President of the Michigan Savings Bank to Henry Ford’s lawyer
I believe a few things could happen. We could either find a brand new energy source that the world would take on far more quickly than expected, or we’ll make incredible advances in fuel efficiency and be able to get much more out of a barrel of oil than we could previously.
Here’s the kicker.
Even if none of these things happened, and we continued using oil and gas just as we are right now, the price of these commodities would rise dramatically as we ran out of it. It would rise so high that no one would be able to afford it, except for a niche group of people, and it would end up staying in the ground.