Global oil depletion arguments and counter-arguments

Where are we standing in the history of oil? In which point of the line are we now? Where are we going? Where is the line leading us, up or down? Towards what is the world moving? Are we going to “bathe” in oil in the near or far future or are we going to say “goodbye” to oil pretty soon? Global oil depletion is one of the most debated subjects nowadays, as oil is still the most important commodity we have. Since we are so addicted to this resource, it is essential to us to know the arguments that sustain the idea that the world is running out of oil and the counter-arguments to it.