Are you comparing 1953 geological methods with today's? Oil companies are already groping for oil in previously unexplorable or prohibitively expensive areas. There is only so much oil in the world, and our consumption is only increasing. Eventually, the oil WILL run out. The only reason we keep finding new sources is, as the supply contracts, oil prices rise, which makes it profitable to find new sources. But everything has an end, and fossil fuels' is coming.
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from the article: What happens in 50 years when the oil runs out?