Is the oil really running out?

Answer 1

Yes. There is only so much oil, it took millions of years to make, and we are almost certainly using it faster than new oil is being made.

Is it running out fast enough to worry about? No. Other fuels are gaining popularity, and there is potential for future technologies to pretty much completely replace it.

Is current golden age of automotive performance and giant powerful cars for everyone going to slowly come to an end? Probably. Sports cars will keep getting faster and more powerful (ethanol is better for that than gasoline) but it could end up being much more expensive than gasoline in the long run (there's only so much land, and food still has to be grown...only widespread use of hydrogen or electricity, which can be made using any energy source can get around that), so your daily driver will probably be lighter and less powerful a few decades from now.

Coal could completely replace our oil use for centuries, but technologies with lower environmental cost will win out.

Answer 2

Yes, if your valve covers leak, filter gasket is not secure, hole in the oil pan, or the washer on your oil plug is damaged or not tight. It'll run right out!