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It is called hedgeing your bets. Oil is not running out for a very long time, but the real question is will it be able to produce more and more as the world's economies grow. The sad part is we are sitting on about 100 years of nat gas, but don't seem interested in using it. In all probability you will see China buy up those assets and ship it via liquified nat gas.
I didn't say we would be running out of oil. What I, and all of the experts, including the Pentagon, are saying is that it is likely we will run out of cheap oil in a few more years, perhaps as soon as 2015. It doesn't mean we will run out of oil, what it means is that consumption will outstrip production causing possible sharp price increases. We can already see the prices going up, and this is just leading up to peak oil.
China and Saudi Arabia think long-term, unlike the US. They understand what peak oil will mean to countries caught unprepared to grow in a non-oil based economy once we pass world peak oil in a couple more years.