This is both fortunately and unfortunatley true. Another option that used to be too expensive is synthetic fuel. We're actually able to make synthetic fuel, it just used to be that it was more expensive than just drilling for it, but I think even right now its actually less expensive.
Unfortunate because it also causes lots of pollution. Just plain running out of oil so people would go with cleaner alternatives would be a good thing in the long run, even if it would be a painful transition.