The theory didn't say we'd run out of oil. It said we'd run out of "cheap" oil that's easy to get to. Sands are harder to extract oil from at an affordable cost. They only became financially viable as the cost of oil rose.

Technology improved in drilling and exploration so the theory is less relevant today. Still the current cost of oil (due to politics mostly) is pretty much that.

That's not at all what the theory said, that's just pure goalpost shifting to the point of uselessness. Tar sands are profitable with $50 oil.

I guess you're younger than I am. I recall reading the articles about how the world will collapse with $40 oil...