We use around 35 billion barrels of oil per year and it's rising. We need to start searching for other types of sources of energy such as nuclear quickly before it's too late. If we do not prepare, one-day transportation, and many other everyday things would not be available. There
If the big oil companies are running out of business then it is time to start seriously investing in other forms of energy. This not only helps the economy but it can save our environment too. We already have the facilities in place to create more wind and solar farms for alternative energy. New energy alternatives should be more heavily invested in.
One big problem with the oil boom is that it has lowered the cost of oil and gas versus alternatives (although hopefully this could limit shale extraction). We actually want high oil prices so that alternatives are more economically attractive. A shrinking Big Oil will help keep oil prices higher, and that's a good thing.
People used to light lamps in their houses with whale oil. Oil from the ground came along and fixed it. Today, we have solar power, hydrogen power, and lots of other types of green energy. When one form of energy goes down there will always be another to take its place.
The shrinking of big oil is a natural result of the increase of alternative fuels, and hybrid and electric cars. This is not a cause for concern, but simply an opportunity to invest in new opportunities, and encourage innovation in engineering. Petroleum is still an important part of the economy, and big oil should innovate its business model to keep up with current trends.
Big Oil is shrinking and will eventually shrink away forever. It is going to be a century or two probably, but oil resources are finite and they will eventually be gone. Other resources will be found and developed and exploited, and oil will be remember just as other industries from days gone by.