Dear Lisa;
What makes you think that the major oil companies are not aware of this problem? Let me put it to you in free market terms;
1. Companies exist to do one thing – make profit for the management and the shareholders.
2. The way companies (and other private enterprises) usually do this is by selling product(s). Either goods or services, or both. There is obviously a need to ensure that total cost of production (including overheads, taxes, payroll etc) is LOWER than revenues, in order to make money.
3. The corrolary is that no product, no profit.
4. Therefore, ALL companies (but especially large, successful ones with brand reputations to protect) are very mindful of the availability/inventory of their products, and take very great care to ensure a continuing flow of products to their markets.
5. Bear in mind that this is not happening in a vacuum. Oil companies compete with each other, and with alternative fuel/energy suppliers.
I won’t worry too much about alternative energy sources. The moment the big oil players (both state-run and private) know for a fact that there is no more undiscovered oil (i.e. everything they have in current production and in reserve is it), you will see HUGE amounts of money being pumped into R&D, if not already. Because businesses on that scale cannot succeed with the short-term mentality you describe fearing. The market will correct for such, and new companies with fresh ideas will supplant them, if they do not watch out themselves.
And, you know, what everyone else has been saying.
