Sure, we will eventually deplete the oil supply. But it won't be in our lifetime. There is still plenty of oil in the Middle East, and if for some reason we are denied that oil, we have oil in Alaska, the Gulf of Mexico, and even companies like Transocean Sedco Forex (
http://www.deepwater.com/) are developing deep water drilling equipment that is capable of extracting oil in depths in the thousands of feet.
However, it is inevitable that we will one day run out of oil. When the time comes industry will respond with introducing products and ways of development that do not depend on fossil fuels. Several car companies have had cars developed and tested that run on peanut oil, get over 70 mils to the gallon, and have little or no pollution.
In other words, when the time comes for businesses to react to no more oil, they will. The economy isn't going to crash, the world isn't going to end, and the threat of terrorism won't increase anymore than it already has.
