[Arnt]

Oil may be valuable stuff, but nothing compels competing energy sources to be more expensive, and the cheapest oil fields were developed first, with a few exceptions. The optimists who want to develop oil fields beneath 3km of water are IMO unlikely to sell at a price that covers their costs.

[tjwebbnorfolk]

Windmills cannot produce fertilizer or plastic. Oil is useful for a lot more than just energy.

On the energy side, of course there will come a day when solar and nuclear will be more economical and plentiful than oil, but that is many decades away.