Crude oil is very important today, because most of the machines used by humans still use fuel oil. Therefore, the middle eastern country which does have quite a lot of oil reserves, is now indeed a rich country. But the limited amount of crude oil, makes people think about looking for other alternatives. Moreover, the use of oil as a fuel can damage the environment, so slowly several large countries began to switch to using electricity.
So in the future the possibility of oil is no longer important, because everything will use electricity. Therefore, a country that has a lot of oil reserves, if not put to good use of the money from the sale of crude oil, in the future will not be a rich country anymore.
The limited part is not really a big problem because even though there is a limited supply of oil in the world, there are still enough out there that we could actually use it for decades, I mean we literally find more oil than we ever need every single year, there was a poind during last year’s pandemic moments where oil became negative price, yes that’s right you had to pay to own something and then pay to keep owning it instead of being able to sell it, you had to pay to sell it instead of getting paid.
These are all huge things in the oil world that proves that oil is not lacking in amount. However, the fact that it is killing the world for us is the thing we should be looking at, in 50 years world will not be a place where humans can survive this easily, our life will become a whole survival movie and even water will be a commodity we will need, we can survive this only if we move to renewable energy and pollute the world less.