I know that shortage of living space and an inability to match agricultural output with the increase in the population has been used to justify this, but petroleum?
To be clear, the Malthusian delusion that agricultural production doesn’t match the rise in population has been wrong and debunked each and every time it has been raised since Malthus’ time . . . we use far less land in the developed world today for agriculture than in his time, despite the, err, significant change in population. Agricultural technology growth has consistently outstripped population growth.
I once taught Economics from a text which had a chapter on such groups, including Malthus, and the groups that produced Drs. Kellogg and Graham (of corn flakes and Graham flower [used still in Graham crackers]). They were from sects that were pretty much opposed to sex
within marriage (History has not recorded Mrs. Graham’s or Mrs. Kellog’s response to their husbands’ opinions!), and these products were developed specifically to be mild in the believe that this would dampen the sexual appetite . . .
Total global oil reserves are unknown.
Total
reserves are, by definition, known. It’s the toast amount of oil that is not.
Reserves have been steadily increasing, whether expressed in barrels or years, for several decades.
So basically we have to ask; if oil takes millions of years to form, there must be some tipping point where extraction overtakes the ability of natural processes to replace the oil.
No, there is no “must”. It would seem probable, yes, given increasing returns. And I’d be surprised (though not astonished) if we are not currently consuming faster than it is being produced. But there is no basis for “must”.
What does that have to do with the question of whether it’s a limited commodity? It either is or it isn’t.
The supply of hydrogen the universe is also limited . . . the question isn’t whether the limit exists, but whether the constraint will ever bind.