re: Oil and gas folks please explain the whole oil /gas scarcity thing to me

The stuff that rots and dies has to be in sufficient accumulations, at a sufficient depth and temperature to cook into oil and gas and trapped in a geologic formation such that it is recoverable. Typically this occurs where shallow oceans used to exist - all the organisms in the shallow water die and accumulate in sandstones, which over geologic time (hundreds of millions of years) become oil and gas reservoirs. I guess once we deplete what is recoverable today we can wait another 300 million years for the processes to repeat.

I agree we are unlikely to run out. At high enough oil prices we will continue to develop more and more marginal reservoirs.