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There are oil reserves that will last us a long time. The problem is that they'll last a long time because they're such low quality that it will take too long and cost too much to refine that no company will be bothered to deal with it.
Here's another point that people tend to forget; many other chemicals are produced as a byproduct of oil mining. Without oil, we won't have any plastics. Imagine how that's going to affect your life!
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Not all of them are low quality, but I do take your point. And I had totally forgotten the plastic thing. Plastic is just one of those things you take for granted, I guess.