In an econ book I read once, there was a wonderful analogy: Imagine you are given a room in your house that was filled waste high with pistachios - you could go in and eat as many as you wanted, but the shells will always have to be left behind. They start out easy and plentiful to grab, and you could easily do some math about how long this room of pistachios will last you. So on paper you are sure to run out.
But in practice, you'll just spend longer going into the room every time to get what you want, and gradually stop going altogether - actually running out of nuts is pretty much impossible.
You will almost never naturally run out of stuff. Low prices make them leave it in the ground - high prices makes people find substitutes. We're just in a weird place were China might be dumping money to artificially keep some resource prices low and still extracting tons of it.
But in practice, you'll just spend longer going into the room every time to get what you want, and gradually stop going altogether - actually running out of nuts is pretty much impossible.
You will almost never naturally run out of stuff. Low prices make them leave it in the ground - high prices makes people find substitutes. We're just in a weird place were China might be dumping money to artificially keep some resource prices low and still extracting tons of it.