Actually, there are some different ideas

My cousin, works for BP and spent many years as an Open Hole Engineer, tells me that the Dinosaur Wine theory has a few holes in it. Oil and gas are formed, per your post, as a natural process within the earth's crust, though it may not all be via decomposed vegetable matter. He would also agree with your assessment on the "using it faster than the earth is making it" but he would add: as far as we know. The other question is accessibility: at what depth is it uneconomical to extract? In the 1950's, that might have been at a depth of 4000 feet, while now there are off shore rigs going down toe 8000 feet and more routinely, and there are rigs that can go deeper than that.

I fear that alternate energy sources are a long long way away, and curse the broken promise of the late 70's earlly 80's and the initially sincere search for smarter ways to power a country.

The chance to go nuke as a matter of national infrastructure investment was completely blown in the late 1970's, thanks to Three Mile Island and the Chicken Little response to that, not to mention Chernobyl's spectre later. Thanks, Jane Fonda and all the liberal/environmentalist idiots who fought the licensing of new plants. Thanks also to the Virginia coal lobby, and their claims of "clean burning coal" for generating power. :P