There's several ways to make oil aside from drilling it, but the costs are high.
There's also VAST undiscovered fields of oil in hard-to-get-to place like the deep oceans. If the price is high enough? Those will be used some day too!

When they talk about "running out of oil" they mean "sweet light crude" which is easy to drill & easy to refine. The cheap stuff! That's just a fraction of the "proven reserves" globally.

If the atmospheric CO2 falls below (iirc) 180ppm? All life on Earth ends. The best times life had in the past? CO2 was well over 1000ppm. It's at what? 430ppm now? Warmer is ALWAYS better than colder. No exceptions. & other inconveniet facts! 😹