It takes between 50-300 million years for oil to form and we have managed to burn roughly half of the resources in 125 years, "Hubbert's Peak" was the 100 years when most of the world's oil was discovered. Oil will run out, but before it does we reach "peak oil", peak oil is the point in time when the globe production of oil reached the maximum rate, which after production will the decline. Oil production in 33 of 48 countries have now peaked.
Hubbert's Peak - Oil production theory
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