Traditional oil extraction (drilling a well, not things like the oilsands or fracking) is actually relatively eco-friendly compared to other building products like concrete or steel; the problem is that burning it isn't great for the environment, and the heavy demand due to burning most of it means that lots of it is extracted using the less eco-friendly methods. So I think that the current plan is to continue extracting it more-or-less forever, just in much lower volumes than right now.
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