He forecast that both the British and Norwegian sides of the North Sea will begin to see production declines within three years. Left open for argument is the amount of new oil left to be discovered in the Third World. So much global economic progress depends on the exploitation of oil. And it's oil that truly powers economic activity because it produces so much raw lift for activities, since it is so movable and can be used in so many ways. A barrel of oil routinely offers 10 or more times the raw power for our activities than it takes to get it, conferring an enormous profit not only on the companies that supply oil but on the entire economy.
Some alternative sources are just the figurative drop in the bucket.
Wind generators require technological investments that outweigh the power they can generate, even if every windy hillside is sown with them. Solar cells pay off only in remote locations. Other substitutes are possible and may provide almost as much economic profit. But construction of nuclear reactors or projects to wrench oil from shale deposits have mostly been cancelled during the last 20 years of oil surplus and low prices. And coal, which is abundant and profitable, has environmental costs.