Our known fossil fuel reserves are soaring. New finds of coal, natural gas, oil, tar sands, and oil shale keep growing, not declining.

There is oil aplenty of other sorts (tar sands, liquefied coal and so on), so the stuff is unlikely to run out for a long time yet.

For instance, Craig Venter's Synthetic Genomics and other companies are trying to develop microbes that turn coal, tar shale and oil into methane.