"Running out of oil" is an economic criterion, where demand outstrips achievable supply (where the cost of extracting the oil is not so high that it becomes an

"Running out of oil" is an economic criterion, where demand outstrips achievable supply (where the cost of extracting the oil is not so high that it becomes an economic net negative). There's no material difference in outcomes between this and your "doomsday" version, but the former is actually something that's going to happen, while the latter probably never will.