I don't mean a blasted, desert landscape and everyone wearing skin-tight PVC, but more the fact that oil will become more valuable than food, water, even diamonds and gold; a commodity worth so much that tankers are guarded by armed soldiers and have to be plated in steel armour to protect against piracy.
Will oil become so rare that the world actually turns in to a real-life 'Mad Max'?
No, there is still lots of oil in deposits such as as the shale oil deposits in Canada. Overall there are in the region of 3 trillion barrels of deposits, at least double the current known reserves of crude oil. They're not yet economically viable as oil sources but will become so as the oil price continues to rise.
It's also possible to synthesise oil from coal deposits. If coal reserves were used for nothing else we could produce about 4 trillion barrels of oil (although this is obviously not going to happen).
So we're not going to run out of hydrocarbon energy anytime soon. The real problem is it will become more expensive, meaning gas, diesel and aviation fuel will have to be used more sparingly in the future - so no more budget holiday flights soon. But not to the point where it requires armed guards and protection from piracy.
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