Yes but as the supply of oil dwindles it will approach a point where it's more expensive to extract than it costs to use a substitute. At that point we'll be "out" of oil but there will still be plenty left in the Earth.
Good ol' fracking! Who needs to do expensive things like drill holes and pump in fillers to displace the stuff we're trying to harvest? Let's just smash the lithosphere like a dinner plate on the slate floor and collect all the goodies that pour out!
It's not like we actually need that land to grow food on or anything.
Actually we have an embarrassment of land to grow food on. Its fair to examine the wisdom in that tradeoff. At some point it becomes untenable, but right now actually we're doing OK. E.g. Iowa can grow enough food to feed 2 United States.