Even if the oil doesn't run out completely it will go the way of coal in the U.K and Sambre-Meuse Valley?

I agree with you. Oil will never run out; it will just become prohibitively expensive. That is why in the end we must develop controlled thermonuclear fusion power. With this technology, energy will be cheap and plentiful and literally limitless. There is a new fusion reactor under construction in southern France which should prove the concept. It should be operational by 2014.