DislikedThere is almost as much oil in parts of Alaska as Saudi Arabia. There is an oil sands are in the western part of the US that matches that, and they have just figured out a way of drilling, (don't ask me the name of it, I have only been awake for about 10 minutes.) that will allow that oil sands region to produce more than Saudi Arabia. We most certainly are not running out of oil.
What we are doing is running out of oil from the places that we are "allowed" to drill. A major difference. One day, oil will get out of control. The US will...Ignored
If it costs more to produce oil from oil sand(and I believe it does ATM) than its worth then the price will go up - How does $200/250 oil sound.