Ever since oil was embarked upon, we have been running out of it. Many people have predicted that we would have run out of oil years ago but this proves to be false since it is still being used. These predictions are far from the truth because even if we started to see vital signs of oil wells running dry, many precautions would be taken to prevent this from happening. Gas prices would rise profusely and many of the big SUV's that are so popular today would be seen in used car lots, more than on the streets. Things such as bicycles, small cars, hybrid cars, and electric cars will be used more and more to help conserve money, as well as oil, from becoming completely obsolete in the future. The ongoing reduction of oil is shown by the minor shifts of the supply curve to the left and the common associated manuever along the demand curve. According to statistics, consumers will have found more stable resources to use around the time oil starts to experience scarcity and by that time, gasoline will no longer be needed.
I agree with you Asante on the fact gas prices would rise even more then now if oil was to show vital signs of running out. The only question I have trouble answering is when gasoline is no more, which is inevitable, will we have found a stable resource to take gas and oil's place in time. There are countless necessities that the world uses that run on oil and gas. Can we find a strong enough resource to take over?
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