What will happen when oil runs out of this world?

Well people have been saying that "oil will run out soon if we don't conserve it" for years now. If oil will last for another 5-10+ years then I'm sure that the we would have come up with more effective alternatives to oil burning machines. For example in California (don't quote me on this) but Honda has released a Hydrogen powered car. It the "Honda Clarity". But if I'm not wrong isn't most of America's electricity coming from the burning of fossil fuels? Well that's a totally different story then. Because where I come from (New Zealand) electricity comes from damns (or 1 in particular) where the water as it move through/past the damn it spins turbines with power the whole of New Zealand! So back to the question, the world probably will come to a horrible crises if oil were to run out any time soon. However if it runs in the later future then we might have a chance of converting from oil using machines, to more effective eco friendly machines. (machines being anything that uses oil from cars-trucks-whatever machines produce electricity in America etc).

It's not going to happen anytime soon, because there are massive oil fields both in the Arctic, and in the bottom of some of the deepest oceans. I don't think that BP made a mistake when they were going that far down into the bottom of the sea, because if it was done successful, than there would be a lot more efforts to go down there. We just didn't have the technology to do it yet. There's like tens of thousands of oil pressure where BP tried to drill, but something when wrong. I think that in the next decade, our technology will be better for things like that.

It's not gonna happen. There are alternative methods to make oil based fuels. Fossil fuel will not run out in our lifetimes. Then, there's the other types of energy.