Petroleum products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and the feedstocks used to make chemicals, plastics, and synthetic materials found in nearly everything we use today.
.Oil is a carbon based fuel and the primary way it is used is to burn it, releasing more than its weight in CO2 because of the added oxygen. CO2 is a greenhouse gas and is expected by most scientists to be a cause of global warming.
We are running out. Estimates vary from 50 to 150 years before we run out of oil. This is impossible to predict, but most major oil companies have been failing to discover new reserves equal to the amount of oil they are producing for the last few years