There is an estimated 939 billion barrels of undiscovered oil in the world.
It takes between 10 million and 160 million years to convert plants to oil. Lets be liberal, because, well, I'm a liberal. For some value of "liberal." Let's use the 10 million years marker.
So, we need to make that 939 billion barrels last for 10 million years, before the next batch is ready.
To make it last, we need to average a yearly global usage of 94,000 barrels of oil.
Oh dear. We're currently eating up about 32 billion barrels a year, and rising?
That won't work.
So... um... lets say that we only care about making civilization last about as long again as it already has. So, um, about 7300 more years. After that, it can go to hell.
The math says:
We're allowed to use 128 million barrels a year, to last us 7300 years.
What's that, the USA eats that much in 6 days?
Maybe we can fix this by drilling more.
I'm voting for Palin.