This seems like a troll post, but there is currently an oil glut due to a slowdown in the global economy, while geopolitical factors have tied the hands of OPEC and other oil producing nations and prevented a drastic cut in production.
I haven't heard any serious arguments that oil is running out. I have heard some rather compelling ones that suggest that there is a limit to what can be extracted easily.
If you look at most newer oil operations, they are becoming quite a bit more intensive than the ol' stick a pipe in the ground in Texas model. Newer oil projects involve either getting nasty oil from tar sands, cracking shale formations, or drilling beneath the sea.
These newer projects can still be profitable, but require a much greater investment into infrastructure, and involve much greater risk should the price of oil take a dive since the margins are thinner. Notice all the idling fracking operations, while easy to pump Saudi Oil is still being sold at a profit.
There probably aren't any more equivalents to the Saudi oil fields out there waiting to be found, and with the increasing effort required to extract oil, it becomes less appealing as an energy source. Thus the emergence of renewable wind and solar projects that couldn't hope to compete with oil in the past. Personally I'm hoping for a renewed interest in nuclear.