It's the barrier point that we can't haul it out of the ground as fast as demand requires. It's sort of like how people were concerned we were going to hit peak food: we very well could, but we need a lot more people to hit that point.
There is also a finite amount of oil in the ground. It's stupendously useful and rich in chemistry. We still don't know where all the reserves are, and there is a lot of oil still in the ground. But that oil comes at a cost: inconvenient, excessively deep, politically untenable. But we'll be able to get oil for a long time (just at ever increasing costs).
There is also a finite amount of oil in the ground. It's stupendously useful and rich in chemistry. We still don't know where all the reserves are, and there is a lot of oil still in the ground. But that oil comes at a cost: inconvenient, excessively deep, politically untenable. But we'll be able to get oil for a long time (just at ever increasing costs).