While we aren't running out of oil, it is not a renewable resource. When we do hit the peak, (in who knows how long, not in our lifetime probably) things will change.
Actually Russkie scientists, and many others say it is renewable, based on deposits found in fields that should have been depleted decades ago.
Problem is conventional wisdom says otherwise, but this has been studied for over a century.
If you'd like I can freepmail something to you that explains what I am talking about.