The operative phrase here is “at that rate.” The U S government subsidizes oil to keep it cheap, to keep up the amount of consumption to earn more profits for oil companies. That is why the greatest consumer is the USA, not because we need that much. As the price rises, use will go down, so will profits. That is the only reason why Europeans use much less oil than Americans. Our standards of living are comparable, but not our consumption. To say we will run out of oil will lead Americans to hoard it and increase profits for the robber barons.