One approach to thinking about the future of oil is to consider the technical aspects of oil production. There's a lot of public literature on this, and some of it is even summarized in ways that can be read by non-technical people.

An example is on page 16 of the newsletter here.
http://www.alumnifriends.mines.edu/Alumni/mag_features_200505/vol_95_num_2%20.pdf

A particularly interesting point is that CO2 is useful in increasing the extraction ratio from existing oil fields, but as an industrial chemical it is in short supply. By combining the desire for CO2 sequestering with the utility of CO2 in improving output, the result is a benefit in both dimensions.

Here's a brief extract.

"A recent research forum organized by the Society of Petroleum Engineers made it very clear that we no longer can accept the past industrial practice of leaving about two thirds of the hydrocarbons behind in a reservoir at the end of its economic life. Industry recognizes that recovery factors of 70 percent or even 80 percent are technologically achievable...

"CO2 is a resource that the world no longer can afford to waste by emitting it into the atmosphere. Business, government and the technology community need a change in mindset, where CO2 no longer is considered only an undesirable greenhouse gas (which it is) to be put away (sequestered) at huge costs both in dollars and added energy consumption, but the potential driver behind a "revolution" in the world's oil production scenarios."